Monday, July 1, 2024 Spirit AeroSystems, known as “Spirit,” has announced a definitive merger agreement where The Boeing Company], referred to as “Boeing,” will acquire Spirit at $37.25 per share in Boeing common stock, as outlined by the specified collar. Valued at $37.
25 per share, the transaction marks an equity value of approximately $4.7 billion and an enterprise value of about $8.3 billion, including Spirit’s last reported net debt.
This purchase price signifies a 30% premium over Spirit’s closing stock price of $28.60 on February 29, 2024, the day prior to the announcement by Spirit and Boeing that they were exploring a potential transaction. “After carefully evaluating Boeing’s offer to combine, we are confident this transaction is in the best interest of Spirit and its shareholders, and will benefit Spirit’s other stakeholders,” said Patrick M.
Shanahan, President and Chief Executive Officer of Spirit. “Bringing Spirit and Boeing together will enable greater integration of both companies’ manufacturing and engineering capabilities, including safety and quality systems.” Spirit also announced today that it entered into a binding term sheet with Airbus SE [EUR: AIR.
PA] (“Airbus”). Under the term sheet, the parties will continue to negotiate in good faith to enter into definitive agreements for Airbus to acquire certain Spirit assets that serve Airbus programs, concurrently with the closing of Spirit’s acquisition by Boeing. Shanahan cont.