secwatch.observer — SEC 8-K summary
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Issuer:     AAR CORP (AIR)
CIK:        0000001750
Form:       8-K
Filed at:   2026-09-29T01:13:04+00:00
Accession:  0001104659-26-111482
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1750/000110465926111482/0001104659-26-111482-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1750/000110465926111482/tm2626100d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-111482

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