The $63-per-share deal gives KLX an enterprise value of $4.25 billion, including about $1 billion of net debt.
The acquisition is contingent upon the successful divestment and separation of KLX’s Energy Services Group business, KLX said.
KLX stock has risen about 24 percent since Dec. 22, when the company said it will review strategic alternatives including a potential sale.
Boeing Chief Executive Dennis Muilenburg said last week its services growth would be complemented by strategic acquisitions.
The plane maker said there will be no change to its 2018 guidance or capital deployment strategy and expects annual cost savings of about $70 million by 2021.
Last year, Boeing launched a global services business which announced deals worth nearly $1 billion in February to capture more of the higher-margin services and spare-parts revenue.
KLX will be part of Boeing Global Services and will be merged with Aviall, Boeing’s parts, equipment and services unit.
The combined business will provide a one-stop-shop that will benefit its supply chain and customers, said Stan Deal, chief executive of Boeing Global Services.
Goldman Sachs advised KLX on the deal, while Freshfields Bruckhaus Deringer LLP was its legal counsel.
The Wall Street Journal reported the deal on Friday.
Reporting by Shubham Kalia and Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier