VIRGINIA- US aerospace giant Boeing today announced a definitive agreement to acquire Spirit AeroSystems. This all-stock merger is valued at approximately $4.7 billion, or $37.25 per share, with a total transaction value of around $8.3 billion, including Spirit’s net debt.
Spirit shareholders will receive 0.25 Boeing shares per Spirit share if the average price is $149.00 or below, and 0.18 Boeing shares per Spirit share if the average price is $206.94 or above.
Boeing Acquires Spirt Aerosystems
“We believe this deal is in the best interest of the flying public, our airline customers, Spirit and Boeing employees, our shareholders, and the country,” 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—focused on safety and quality.”
President and CEO Dave Calhoun
Boeing’s acquisition of Spirit will encompass nearly all Boeing-related commercial operations, along with additional commercial, defense, and aftermarket operations.
As part of this transaction, Boeing will collaborate with Spirit to ensure the continuity of operations for Spirit’s customers and programs, including coordination with the U.S. Department of Defense and Spirit defense customers for defense and security missions.
We are proud of the role Boeing plays in supporting our men and women in uniform and are committed to ensuring continuity for Spirit’s defense programs.”
President and CEO Dave Calhoun
PJT Partners is the lead financial advisor to Boeing, with Goldman Sachs & Co. LLC and Consello as additional advisors. Sullivan & Cromwell LLP is serving as outside counsel to Boeing.
Deal with Airbus
Furthermore, Airbus has signed a binding term sheet agreement with Spirit AeroSystems for a potential acquisition of key Airbus-related activities. This includes the production of A350 fuselage sections in Kinston, North Carolina, and St. Nazaire, France; A220 wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; and A220 pylons in Wichita, Kansas.
With this agreement, Airbus aims to ensure a stable supply for its commercial aircraft programs, promoting a more sustainable operational and financial future for the Airbus work packages currently managed by Spirit AeroSystems.
The transaction involves acquiring these activities, with Airbus receiving $559 million from Spirit AeroSystems for a nominal consideration of $1.00, subject to adjustments based on the final transaction scope.
Finalizing the agreement depends on a due diligence process. While there is no guarantee of a transaction, all parties are committed to working in good faith to complete the process as quickly as possible.
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