---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-127977"
form_type: "8-K"
ticker: "AIR"
cik: "0000001750"
company_name: "AAR CORP"
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T09:13:02.590985+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-127977
- form_type: 8-K
- ticker: AIR
- cik: 0000001750
- company_name: AAR CORP
- filed_at: 2023-12-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1750/000110465923127977/0001104659-23-127977-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1750/000110465923127977/tm2333067d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-127977
- JSON: https://secwatch.observer/filing/0001104659-23-127977.json
- Plain text: https://secwatch.observer/filing/0001104659-23-127977.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.