BOEING TO BUY SPIRIT AEROSYSTEMS IN US$4.7 BILLION ALL-STOCK DEAL

WASHINGTON, July 1 (Bernama-dpa) -- US aircraft manufacturer Boeing has announced a deal to acquire Spirit AeroSystems in an all-stock transaction valued at approximately US$4.7 billion, or US$37.25 per share, as reported by the German news agency dpa. The total transaction value, including Spirit's last reported net debt, is around US$8.3 billion.

Boeing's acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as additional commercial, defence and aftermarket operations.

Separately, Spirit and Airbus SE have entered a binding term sheet under which Airbus will acquire specific commercial work packages performed by Spirit for Airbus, concurrent with the closing of the Boeing-Spirit merger.

Spirit is also proposing to sell parts of its operations in Belfast, Northern Ireland (non-Airbus operations), Prestwick, Scotland, and Subang, Malaysia.

The Boeing deal is expected to close in mid-2025 and is subject to the sale of the Spirit operations related to certain Airbus commercial work packages and the satisfaction of customary closing conditions, including regulatory and Spirit shareholder approvals. 

In the Boeing deal, each share of Spirit stock will be exchanged for  Boeing common stock equal to an exchange ratio between 0.18 and 0.25.

Following the transaction, Spirit shareholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below US$149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above US$206.94.

-- BERNAMA-dpa