Apollo Global Management is nearing a deal to buy aluminum giant Arconic in a deal valued at roughly $22 a share, or $10.6 billion, The Post has learned.

The board of New York-based Arconic hasn’t yet approved the buyout, but has told Apollo — headed by billionaire Leon Black — and leading Arconic shareholder Elliott Management to finish necessary paperwork so it can clear the deal this weekend, sources said.

A buyout of Arconic, when including assumed debt, would be valued at more than $15 billion, making it one of the biggest leveraged buyouts since the 2008 financial crisis.

Financing for the deal is fully committed and is being led by Deutsche Bank, a source close to the talks said.

The debt markets have recovered from a winter freeze to the point where a large buyout of a company that makes aluminum parts for the aerospace industry can be done, sources said.

“There was an anxiety attack that receded,” an attorney close to the deal said, explaining that surprisingly strong job numbers this month and decent earnings reports have calmed the debt markets.

Another nagging issue in recent weeks has been the fact that a UK-based unit of Arconic sold construction panels that were blamed for the quick spread of a 2017 fire at Grenfell Tower in London that killed 72 people.

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