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Textron Inc to acquire Beech Holdings

Thursday, 26 Dec 2013 07:57pm EST 

Beechcraft Corp:Says Textron Inc has agreed to acquire Beech Holdings, LLC, the parent of Beechcraft Corp, for about $1.4 billion in cash.Under the terms of the transaction, Textron will acquire the Hawker 4000 and premier IA type certificates.Maintenance services for the aircraft will continue through Beechcraft's factory-owned service center network, Hawker Beechcraft Services, and authorized service centers around the world with Hawker 4000 and premier ratings.Beechcraft will continue to provide uninterrupted service and support for all Hawker 4000 and premier aircraft.The definitive agreement includes a customary no-shop provision with exceptions permitting Beech Holdings to respond to, evaluate and, under certain circumstances, accept an unsolicited proposal that is superior to the transaction with Textron.In which case a termination fee of $48 million will be payable by Beech Holdings to Textron.Credit Suisse acted as lead financial advisor to Beech Holdings on the transaction and Morgan Stanley also served as a financial advisor. Kirkland & Ellis LLP served as legal advisor to Beech Holdings on the transaction. 

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