Cleary Gottlieb advised Arconic Inc. in the company’s accelerated share repurchase of $700 million of Arconic’s common stock.
Under the variable tenor accelerated share repurchase transaction, Arconic initially received 31.9 million shares from its counterparty, JPMorgan Chase Bank, National Association, London Branch. At final settlement, which is expected to be completed during the first half of 2019, Arconic will receive additional shares based on the volume-weighted average price of Arconic’s common stock during the term of the transaction, less a discount.
Arconic is a global leader in lightweight metals engineering and manufacturing. Arconic’s innovative, multi-material products, which include aluminum, titanium, and nickel, are used worldwide in aerospace, automotive, commercial transportation, building and construction, industrial applications, defense, and packaging.