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December 6, 2024

Barnes shareholder meeting set to consider sale to Apollo Funds

COSTAR Barnes Group's Main Street headquarters in Bristol.
By Harriet Jones

The Barnes Group has announced it will hold a shareholder meeting Jan. 9, 2025 to vote on the company’s sale to Apollo Funds, a private equity firm.

Barnes, based in Bristol, first announced the planned sale in early October. It provides for shareholders to receive $47.50 per share in cash.

The notice of the meeting, filed with the Securities and Exchange Commission, lists hefty termination fees if the deal does not go through.

In that event, Barnes would be required to pay a termination fee of $85 million in cash. If the termination is initiated by Apollo, they would be liable for a $168.5 million payment to Barnes.

If the deal is approved, it’s expected to close at the end of the first quarter in 2025.

The shareholder meeting and vote will be held virtually via webcast.

Barnes Group’s history stretches back to 1857 in Bristol. Its predecessor company, Associated Spring, was taken public in 1946. It has some 5,700 employees across its global operations. 

The company makes precision components for aerospace and a range of other industries.
 

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