Triumph Group has announced the signing of a definitive agreement to purchase Vought Aircraft Industries from The Carlyle Group for cash and stock consideration of $1.44bn (£0.96bn).
The purchase consideration to Vought shareholders includes approximately 7.5 million shares and $525m (£349m) of cash. Post-closing, Carlyle will provisionally own approximately 31 per cent of the outstanding stock of Triumph.
The acquired business, which generated sales of $1.9bn (£1.3bn) in 2009, will operate as Triumph Aerostructures – Vought Aircraft Division.
Pro forma for the acquisition, Triumph will have approximately $3.1bn (£2.1bn) of revenue and Pro forma Adjusted EBITDA of approximately $446m (£297m) for the 12 months ending December 31, 2009.
Vought manufactures wings, fuselage subassemblies, empennages, nacelles, thrust reversers, cabin structures and other components for aircraft manufacturers including Airbus, Boeing, Lockheed Martin, Northrop Grumman and Sikorsky.
Major platforms include the Boeing 747-8, Boeing 767, Boeing 777, Airbus A330/340, Boeing C-17, Boeing V-22 and Northrop Grumman Global Hawk.
The transaction is subject to customary closing conditions, including regulatory approvals and approval of Triumph shareholders, and is expected to be completed in July 2010.