Monday, July 1, 2024
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Spirit AeroSystems (SPR) announced today that it has entered into a definitive agreement to be acquired by The Boeing Company (BA) for $37.25 per share in Boeing common stock. The transaction value is approximately $8.3 billion, including Spirit’s last reported net debt.
Key Points:
- Acquisition price: $37.25 per share of Spirit common stock in Boeing common stock.
- Transaction value: Approximately $8.3 billion, including Spirit’s last reported net debt.
- Premium: 30% premium to Spirit’s closing stock price on February 29, 2024.
- Benefits: Expected to create a more integrated aerospace manufacturing company.
Spirit divestiture of certain Airbus programs:
- Spirit also signed a binding term sheet with Airbus SE to sell certain assets that support Airbus programs.
- The divestiture will occur concurrently with the closing of the Boeing acquisition.
Transaction approvals and closing:
- The transaction requires approval by Spirit shareholders and relevant regulatory bodies.
- Closing is expected in mid-2025.
Advisors:
- Morgan Stanley & Co. LLC is the lead financial advisor to Spirit.
- Moelis & Company LLC is also serving as a financial advisor to Spirit.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Spirit.
More information:
