AEROSPACE
Aerospace Solutions Group to lift Boeing’s fast-growing services offering
Chicago — Boeing is acquiring KLX for $4.25bn in an all-cash transaction that includes $1bn in net debt, as the world’s largest aircraft maker bolsters a fast-growing new division that offers maintenance, spare parts and other services to airlines. The aircraft maker will pay $63 per share for the purchase, which includes KLX’s Aerospace Solutions Group, and the deal is conditional on the successful divestment and separation of KLX’s Energy Services Group, Boeing said. The sale, also subject to approvals from regulators and KLX shareholders, is expected to close by the third quarter. The deal is the largest struck so far by CE Dennis Muilenburg, who has been scouting acquisitions that would more than triple sales at Boeing’s services business to $50bn within a decade. Boeing has held preliminary talks with parts maker Woodward, according to media reports in February, and is deep into talks to form a joint venture that would give it control of Embraer’s commercial jets. KLX will beco...
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