AAR Corp. (NYSE: AIR) has finalized its acquisition of Triumph Group’s (NYSE: TGI) product support business, which provides maintenance, repair and overhaul services for critical aircraft components in the defense and commercial markets.
“The completion of this acquisition scales AAR’s repair capabilities, expands our footprint in the APAC region, and enhances our ability to serve our global customers,” said John Holmes, chairman, president and CEO of AAR, said in a statement published Friday.
“We’re excited to welcome more than 700 team members from the Product Support business who bring expertise in key areas to the AAR team,” added Holmes.
In December, AAR agreed to buy Triumph Product Support for $725 million in cash to scale its repair capabilities and broaden its client base and footprint worldwide.
Wood Dale, Illinois-based AAR funded the transaction using proceeds from its notes offering worth $550 million and borrowings through its amended revolving credit facility, which ranged from $620 million to $825 million.
