SAN FRANCISCO: (Xinhua)/Flowerbudnews: — Boeing on Monday announced it has entered into a definitive agreement to acquire Spirit AeroSystems.
The merger is an all-stock transaction at an equity value of approximately 4.7 billion U.S. dollars, or 37.25 dollars per share. The total transaction value is approximately 8.3 billion dollars, including Spirit’s last reported net debt, according to Boeing.
“We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly,” said Boeing President and CEO Dave Calhoun. “By reintegrating Spirit, we can fully align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives and outcomes – centered on safety and quality.”
Boeing’s acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as additional commercial, defense and aftermarket operations.
As part of the transaction, Boeing will work with Spirit to ensure the continuity of operations supporting Spirit’s customers and programs it acquires, including working with the U.S. Department of Defense and Spirit defense customers regarding defense and security missions, the company said.
Airbus SE and Spirit have also entered into a binding term sheet under which Airbus will acquire, assuming the parties entered into definitive agreements and receipt of any required regulatory approvals, certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit merger.
In addition, Spirit is proposing to sell certain of its operations, including those in Belfast, Northern Ireland, Prestwick, Scotland, and Subang, Malaysia.
The transaction is expected to close in mid-2025. It is subject to the sale of the Spirit operations related to certain Airbus commercial work packages and the satisfaction of customary closing conditions, including regulatory and Spirit shareholder approvals.
