AAR agrees to acquire Triumph Product Support for $725M cash; 20% EBITDA margin

AAR CORP

Deal valued at $725M cash; expected tax benefits of ~$80M present value.
Triumph Product Support FY2024E revenue ~$280M, EBITDA ~$55M (20% margin).
Effective purchase price multiple of 11.7x EBITDA; 9.9x including $10M run-rate cost synergies.
Expected to be accretive to margins and adjusted EPS in first full fiscal year.
Closing targeted in Q1 2024; bridge financing committed; net leverage ~3.0x at close.

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