Apollo Global-Led Group Nears Deal to Buy Arconic

Private-equity firm Apollo Global Management is nearing a deal to buy industrial-parts manufacturer Arconic, according to people familiar with the matter.

The deal is set to value Arconic at $30 a share, or roughly $3 billion, according to the people. It could be announced by the time Arconic reports its results Thursday, assuming the talks don’t fall apart at the last minute. Shares of Arconic, which makes parts for the aerospace, automotive, building and energy industries, closed at $22.55 Wednesday.