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Boeing has agreed to acquire Spirit AeroSystems in a deal valuing the aerospace supplier at $4.7 billion after months of negotiations involving both the U.S. planemaker and its European arch-rival Airbus, people briefed on the matter said.
The deal, which values the supplier at about $37.25 per share, brings Spirit back under Boeing’s control after two decades. Boeing had divested the parts maker in 2005, but remained its largest customer.
Spirit struck a deal with Boeing after it reached a separate agreement with Airbus, under which the European group took over parts of the aerospace supplier’s work on some of its own major aircraft programs.
As part of that, Airbus will take over work Spirit is doing on the A220 and A350 aircraft programs at several locations worldwide, including Belfast, Northern Ireland, according to multiple sources familiar with the talks.
Spirit, which makes the bodywork for Boeing’s 737 Max, has been under scrutiny for manufacturing issues that have delayed the plane’s production. Last year, Spirit’s CEO was replaced by former Boeing executive Patrick Shanahan.
Boeing has been in talks with Spirit since March, saying that buying back the airline would improve safety in the production process. That was a key goal for the Seattle-based company after a section of the main body of one of its 737 Max jets collapsed in mid-air in January.
“The reintegration of Boeing and Spirit AeroSystems’ manufacturing operations would further strengthen aviation safety, improve quality and serve the interests of our customers, employees and shareholders,” Boeing said in March.
Boeing is being advised on the deal by PJT Partners, Goldman Sachs and Consello, while Sullivan & Cromwell is serving as legal counsel.
Spirit is being advised on the terms by Morgan Stanley and Moelis, while Skadden acted as legal advisor.
The completion of the deal was previously reported by Reuters.
