---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-111482"
form_type: "8-K"
ticker: "AIR"
cik: "0000001750"
company_name: "AAR CORP"
filed_at: "2026-09-29T01:13:04+00:00"
generated_at: "2026-10-12T13:40:01.982493+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# AAR to acquire 65% of MRO Holdings for ~$2.6B; $231.6M PIPE priced at $104.50/share

## Summary
- Cash consideration estimated at $1,819,174,310 plus 5,783.894 shares of Series A Convertible Preferred valued at $780,825,690 for 65% of MRO Panama.
- AAR has an option to buy an additional 5%; closing expected in fiscal Q3 ending February 2027, subject to regulatory approvals and MRO group pre-closing restructuring.
- PIPE: 2,215,791 common shares at $104.50 each, ~$231,550,160 gross, expected to close October 1, 2026, funding part of the cash purchase price.
- Termination fee of $100,000,000, or $150,000,000 if AAR extends the Outside Date of September 28, 2027 (extendable to March 28, 2028).
- LLC Agreement: AAR NewCo designates 5 of 8 board managers; call-option multiple is greater of 13.5x and AAR's EV/EBITDA, capped at 15.25x; Series A holders face 18-month transfer lockup.

## SEC filing metadata
- accession: 0001104659-26-111482
- form_type: 8-K
- ticker: AIR
- cik: 0000001750
- company_name: AAR CORP
- filed_at: 2026-09-29T01:13:04+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1750/000110465926111482/0001104659-26-111482-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1750/000110465926111482/tm2626100d3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-111482
- JSON: https://secwatch.observer/filing/0001104659-26-111482.json
- Plain text: https://secwatch.observer/filing/0001104659-26-111482.txt

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