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Bond Market News
Boeing to Buy Spirit Aero for $4.5bn, Say Sources
July 1, 2024
Boeing has agreed to buy Spirit AeroSystems in an all-stock deal for $4.7bn, as per sources. Boeing has offered $37.25/share for Spirit and will also assume $3.5bn of Spirit’s debt into its books as part of the deal. The deal is expected to be announced today. Boeing is seeking to reintegrate Spirit after quality and manufacturing issues in its airborne 737 Max-9 airliner earlier in January. Analysts note that the shortcomings at both Boeing and Spirit has led to the potential deal and integration thereof. Post the accident, Boeing’s bonds have been under pressure due to regulatory scrutiny and rating downgrades.
Its 4.875% 2025s traded stable at 99, yielding 6.08%.
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