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Boeing acquires Spirit AeroSystems; plans asset sale to Airbus

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Boeing acquires Spirit AeroSystems; plans asset sale to Airbus
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Joe Petrie Editor & Chief | AviationPros

Spirit AeroSystems has confirmed a merger agreement with The Boeing Company, where Boeing will acquire Spirit for $37.25 per share in Boeing common stock. This acquisition values Spirit at approximately $4.7 billion in equity and an enterprise value of about $8.3 billion, considering the company's net debt. The offer marks a 30% premium over Spirit's stock price on February 29, 2024.

Patrick M. Shanahan, president and CEO of Spirit, expressed confidence in the deal's benefits for shareholders and other stakeholders, highlighting the integration potential of both companies' manufacturing and engineering capabilities.

Additionally, Spirit disclosed a binding term sheet with Airbus SE to negotiate the sale of certain assets serving Airbus programs alongside Boeing's acquisition closure. Shanahan stated that this move would enhance program integration under Airbus ownership.

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Under the merger terms with Boeing, Spirit shareholders will receive shares based on an exchange ratio linked to Boeing's average share price prior to closing. The ratio varies depending on Boeing’s stock price but includes defined floor and ceiling limits.

The merger agreements with Boeing and Airbus received unanimous approval from Spirit's Board of Directors. Both deals are contingent upon regulatory approvals and shareholder consent, with expected completion by mid-2025.

Spirit also intends to divest operations in Subang (Malaysia), Prestwick (Scotland), and Belfast (Northern Ireland) related to non-Airbus programs.

Morgan Stanley & Co. LLC is leading financial advisement for Spirit, assisted by Moelis & Company LLC, while Skadden, Arps, Slate, Meagher & Flom LLP provides legal counsel.

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