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Boeing has entered into a definitive agreement to acquire Spirit AeroSystems, aiming to bring the company back under its control. Spirit was originally formed when Boeing sold its Wichita factory and facilities in Tulsa to investment firm Onex Corporation in 2005.
The merger is structured as an all-stock transaction valued at approximately $4.7 billion, or $37.25 per share. The total transaction value, including Spirit’s last reported net debt, is around $8.3 billion.
Each share of Spirit common stock will be exchanged for several shares of Boeing common stock based on an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume-weighted average share price of Boeing shares over a 15-trading-day period ending on the second trading day prior to closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). If the volume-weighted average price is at or below $149.00, Spirit shareholders will receive 0.25 Boeing shares for each of their Spirit shares; if it is at or above $206.94, they will receive 0.18 Boeing shares for each of their Spirit shares.
