Triumph to Buy Vought Aircraft for $1.44B
WAYNE, Pa. (
) --
Triumph Group
(TGI) - Get Report
signed an agreement to buy
Vought Aircraft
from private-equity firm Carlyle Group for cash and stock of $1.44 billion, including the retirement of Vought debt.
Triumph will pay about 7.5 million shares and $525 million of cash for Vought. Carlyle will own about 31% of the stock of Triumph once the deal closes.
The deal is expected to close in July.
Triumph said it expects the acquisition to add $1 a share to earnings on a full-year run-rate basis.
"This is an important acquisition for Triumph as it will dramatically advance our technical capabilities and significantly enhance our ability to offer aerostructure systems solutions to our customers," said Richard Ill, Triumph's chairman and CEO.
-- Reported by Joseph Woelfel in New York.
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