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Boeing to acquire Spirit AeroSystems for $4.7 billion

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Boeing to acquire Spirit AeroSystems for $4.7 billion

DBT Bureau

Bengaluru, 1 July 2024

Commercial aircraft maker Boeing on Monday said it will acquire NYSE-listed Spirit AeroSystems, which is a key supplier of the company, in an all-stock deal worth around $4.7 billion.

In a press release, the company said the total transaction value would be around $8.3 billion, including Spirit’s last reported net debt.

As part of the all-stock transaction, each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25. This will translate into an equity value of about $37.25 per share.

“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 in a statement. “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 – centred on safety and quality,” he added.

Boeing’s acquisition of Spirit will include substantially all Boeing-related commercial operations, along with commercial, defense and aftermarket operations. The company will work with Spirit to ensure the continuity of operations supporting Spirit’s customers and programmes including working with the US Department of Defense and Spirit defense customers.

Boeing has been facing heat as serious safety concerns have been raised over its 737 Max planes.

Recently, several whistleblowers have complained against the company over safety standards getting compromised in manufacturing of various models. In April, a whistleblower has complained that the company took shortcuts in manufacturing its 777 and 787 Dreamliner jets, skipping crucial safety steps.

databiztimes.com

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