Boeing (NYSE: BA) has agreed to buy Spirit AeroSystems in an all-stock transaction valued at about $4.7 billion, or $37.25 per share.
The acquisition is expected to conclude by mid-2025 and will include Boeing-related commercial, defense and aftermarket operations, the Arlington, Virginia-based defense and aerospace contractor said Monday.
According to Boeing, the transaction’s total value is approximately $8.3 billion, including Spirit’s last reported net debt.
“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,” said Dave Calhoun, president and CEO of Boeing.
Under the deal, Boeing and Spirit will work together to ensure operational continuity to support the latter’s customers and programs, including its work with the Department of Defense and customers involved in 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,” added Calhoun.
Airbus and Spirit have signed a binding term sheet under which the former will buy certain commercial work packages performed by the aircraft parts manufacturer, including operations in Northern Ireland, Scotland and Malaysia.
PJT Partners serves as lead financial adviser to Boeing. Goldman Sachs & Co. and Consello serve as additional advisers. Sullivan & Cromwell acts as the aerospace and defense contractor’s outside counsel.
The transaction is subject to the sale of Spirit’s operations related to certain work packages for Airbus, shareholder approvals, regulatory clearances and other customary closing conditions.
In late June, reports emerged that Boeing proposed to reacquire Spirit using mostly company stock.
