Wesco Aircraft Holdings Inc. WAIR said Friday it has entered into a definitive merger agreement to be acquired by an affiliate of Platinum Equity in a transaction valued at approximately $1.9 billion.
Under the agreement, Wesco shareholders will receive $11.05 per share in cash. The cash purchase price represents a premium of approximately 27.5% to the 90-day volume weighted average share price for the period ended May 24, 2019, the last trading day prior to media speculation regarding a potential transaction involving Wesco Aircraft.
Once the deal is closed, Wesco will be combined with the Platinum Equity portfolio company Pattonair.
"We are excited about the opportunities a combination with Pattonair will provide Wesco. This is the right transaction for our shareholders, customers and employees," Wesco CEO Todd Renehan said in a statement.
"This transaction is a strong validation of our customer value proposition, and it will allow us to find new and innovative ways to bring more value to customers, enhance relationships with suppliers and create additional opportunities for employees."
Wesco's three largest shareholders — The Carlyle Group, Makaira Partners and the Snyder Family Trusts — support the transaction, according to the company.
Wesco shares were down 0.65% at $46.09 at the time of publication Friday. The stock has a 52-week high of $14.22 and a 52-week low of $7.38.
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