Spirit AeroSystems has announced that it will be acquired by The Boeing Company for $37.25 per share in Boeing common stock. This acquisition values Spirit at approximately $4.7 billion in equity and $8.3 billion in enterprise value, taking into account Spirit’s net debt. The price of $37.25 per share offers a 30% premium to Spirit’s closing stock price of $28.60 on February 29, 2024, the day before the press releases from both companies confirmed their discussions about a possible transaction.
Spirit has also declared today that it has signed a binding term sheet with Airbus SE. According to the term sheet, the parties will proceed to negotiate in a sincere manner to finalize agreements for Airbus to purchase specific Spirit assets that support Airbus programs, at the same time as Spirit’s acquisition by Boeing is completed.
The Spirit Board of Directors has given unanimous approval to the definitive merger agreement with Boeing and the term sheet with Airbus. The closing under the definitive merger agreement with Boeing is contingent upon the completion of the divestiture of the Airbus businesses by Spirit and is subject to other closing conditions, including approval of the definitive merger agreement by Spirit shareholders and receipt of regulatory approvals.
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