Hexcel Corp, a composites technology company, and aircraft and industrial parts maker Woodward Inc said on Sunday they would combine in an all-stock merger of equals to create an integrated systems provider for the aerospace and industrial sectors.
The deal is valued about $6.43 billion based on Reuter’s calculations using Friday’s closing stock prices of $121.96 for Woodward and $72.91 for Hexcel.
The companies said existing Woodward shareholders will own approximately 55 per cent and existing Hexcel shareholders will own approximately 45 per cent of the combined company on a fully diluted basis after the completion of the merger.
The combined company will be named Woodward Hexcel and is expected to generate net revenues of about $5.3 billion and EBITDA of $1.1 billion.
Source: Business-Standard