HUTCHINSON, Kan. — Arconic may have a new owner in the near future. The private-equity firm Apollo Global Management LLC is nearing a deal to buy the aluminum products company for more than $10 billion, ending months of negotiation over what would be one of the largest leveraged buyouts in recent years.

Apollo would pay between $21 and $22 per share in a deal that’s likely to be announced this week, people familiar with the matter said.

Arconic, which had a market value of about $9.3 billion Tuesday morning, has been an embattled entity ever since it spun off from Alcoa two years ago. Since then, the company has been under a continuous power struggle and several investment groups have expressed interest in buying the company.

Arconic employs about 75 workers at its metals finishing plant in Hutchinson. The plant provides aluminum and alloys for the aerospace market.