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The deal, which could be announced by the time Arconic reports its results on Thursday, is set to value the manufacturer at $30 a share, or roughly $3 billion, according to the WSJ report.
Apollo participated in the sale process with hedge-fund investor Irenic Capital Management, the report said, adding that the latter has previously disclosed it built a minor stake in Arconic in the fourth quarter of 2022.
Apollo and Arconic did not immediately respond to a Reuters request for comment.
Apollo has indicated that it was willing to pay $27 to $28 per share for Arconic, according to a Reuters report in March.
Sachem Head Capital Management amassed a stake in Arconic, pushing for a sale to raise the pressure on the Pittsburgh-based industrial company to complete the negotiations with Apollo successfully.
