Agreement between Spirit AeroSystems and Bombardier Aerostructures

November 04 2019

Spirit AeroSystems Holdings, Inc. has entered into a definitive agreement to acquire select assets of Bombardier aerostructures and aftermarket services businesses in Belfast, Northern Ireland (known as Short Brothers); Casablanca, Morocco; and Dallas, United States, for cash consideration of $500 million. In addition, Spirit AeroSystems will assume approximately $300 million in net pension liabilities, and approximately $290 million of government grant repayment obligations, for a total enterprise valuation of $1,090 million, which equals 10 times the 2019 estimated Adjusted EBITDA of the acquired business. At closing, Spirit AeroSystems will pay $500 million to Bombardier and will make cash contribution of approximately $130 million towards the pension liability, for total cash at closing of $630 million.

The acquired business brings a world-class aftermarket business which more than doubles Spirit's geographic reach globally.

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