Boeing to acquire Spirit AeroSystems in all-stock deal valued at ~$4.7B equity / $8.3B enterprise

BOEING CO

Equity value ~$4.7B ($37.25/share); total enterprise value ~$8.3B including Spirit's net debt.
Exchange ratio between 0.18 and 0.25 based on Boeing's 15-day VWAP with floor $149 and ceiling $206.94.
Closing expected mid-2025; subject to Spirit shareholder approval, regulatory clearances, and sale of Spirit's Airbus work packages.
Termination fees: Spirit pays $150M under certain circumstances; Boeing pays $300M if regulatory approvals not obtained by outside date.
Boeing cites safety, quality improvements in reintegrating Spirit; Airbus to acquire certain Spirit work packages concurrently.

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