Triumph Group Inc. (NYSE: TGI) announced Tuesday that it has acquired aircraft supplier Vought Aircraft Industries Inc. from The Carlyle Group for $525 million in cash, according to Associated Press.
Triumph said that the deal, which is valued at a total of $1.44 billion, also includes about 7.5 million shares and the retirement of Vought debt.
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Triumph, which designs, repairs and overhauls aircraft parts and accessories, plans to finance the transaction with current and new credit agreements and secured some financing commitments as well.
Upon completion, Vought's operations will be known as Triumph Aerostructures - Vought Aircraft Division LLC. The Carlyle Group will own about 31 percent of Triumph's outstanding stock after the acquisition closes.
The deal is expected to add more than $1 per share on a full-year run-rate basis.
The acquisition is expected to close in July and needs the approval of Triumph shareholders.
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