Kirkland & Ellis LLP represented Boeing [NYSE: BA], the world’s largest aerospace company and leading manufacturer of commercial airplanes and defense, space and security systems, which announced today it has entered a definitive agreement to acquire KLX Inc. [NASDAQ: KLXI] to enhance its growing services business. KLX is a major independent provider of aviation parts and services in the aerospace industry. The total transaction value is $4.25 billion, consisting of cash consideration of $63 per share and the assumption of approximately $1.0 billion of net debt.
Boeing’s acquisition of KLX will include KLX’s Aerospace Solutions Group, and is conditioned upon the successful spinoff or sale of KLX’s Energy Services Group. The acquisition is expected to close by Q3 2018, and is subject to customary conditions, including regulatory clearance and the approval by a majority of KLX shareholders. More information about the transaction is available in Boeing’s press release.
The Kirkland team includes corporate partners Scott Falk, Michael Weed, Robert Hayward and Joydeep Dasmunshi, and associates Tushin Shah, Andrew Struckmeyer and Jake Wasserman; benefits and executive compensation partner Michael Falk; technology and IP transactions partners Neil Hirshman and Sam Hong and associate Todd Herst; and antitrust and competition partners Mark Kovner and Jeffrey Ayer.