Adds particulars, firm background
Adds particulars, firm background
Jan 12 (Reuters) – Hexcel Corp HXL.N, a composites know-how firm, and plane and industrial elements maker Woodward Inc WWD.O mentioned on Sunday they might mix in an all-stock merger of equals to create an built-in methods supplier for the aerospace and industrial sectors.
The deal between the 2 U.S.-based corporations is valued at about $6.43 billion based mostly on Woodford’s Friday shut of $121.96, and values Hexcel at $76.23per share, a premium of 4.5% from Hexcel’s final shut, in accordance with Reuters calculations.
The businesses mentioned present Woodward shareholders would personal about 55% and present Hexcel shareholders would personal some 45% of the mixed firm on a completely diluted foundation after the completion of the merger.
The mixed firm, which might type one of many world’s largest aerospace and protection suppliers, will probably be named Woodward Hexcel and is anticipated to generate internet revenues of about $5.three billion and EBITDA of $1.1 billion for every firm’s fiscal-year 2019.
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