Aerospace fastener and construction products manufacturer Arconic is considering an $11 billion takeover offer from Apollo Global Management, Reuters reports.

The deal values Arconic, which includes Alcoa’s former $1.8 billion Fastening Systems and Rings business, at $23 – $24 per share.

Another bidding group, comprising buyout firms Blackstone Group LP, Carlyle Group LP, Onex Corp. and Canada Pension Plan Investment Board, has expressed interest in Arconic but has yet to make an offer, Bloomberg reports.

Arconic was formed in 2016 after Alcoa’s board unanimously approved a plan to separate Alcoa into two independent, publicly-traded companies. Torrance, CA-based Arconic Fastening Systems & Rings designs and manufactures fastening systems and rings, including specialty fasteners, fluid fittings, assembly components, installation systems, and seamless rings, for aerospace and industrial applications. AFSR has over 8,700 employees at 39 locations in 13 countries.

Arconic had $13 billion in revenues in 2017 and employs about 1,550 people at five facilities in Texas, and more than 7,000 worldwide. Web: Arconic.com

If a deal is reached, Arconic would become the second major aerospace fastener supplier to be acquired in recent months.

In May, Boeing agreed to acquire aerospace fastener supplier KLX Inc. for $4.25 billion. The agreement comprises an all-cash transaction for $63 per share and the assumption of approximately $1 billion of debt.

With approximately 2,000 employees, KLX’s Aerospace Solutions Group is headquartered in Miami, with facilities in more than 15 countries. KLX – the former B/E Aerospace fastener division – distributes fasteners, bearings and other parts for commercial, military and business jets and provides logistics services. Web: KLX.com