Boeing has agreed to acquire key supplier Spirit AeroSystems in a deal valued at $4.7 billion, the plane maker said early on Monday, after months of negotiations amid major turmoil at the company over safety and regulatory issues.
Spirit AeroSystems makes fuselages for Boeing's troubled 737 Max jets.
In a press release, Boeing said the deal is an all-stock transaction valued at $4.7 billion or $37.25 per share and the total transaction value will be approximately $8.3 billion—including Spirit’s last reported debt.
Boeing’s rival Airbus will acquire “certain commercial work packages” that Spirit performs for the European plane maker.
Additionally, Spirit plans to sell its non-Airbus operations in Belfast, Ireland, Prestwick, Scotland and Subang, Malaysia.
This is a developing story.