TransDigm plans Aerosonic acquisition for $39M
TransDigm plans $39 million acquisition of fellow aircraft parts maker Aerosonic
CLEVELAND (AP) -- Aircraft part maker TransDigm Group plans to buy Aerosonic in a deal valued at about $39 million.
Cleveland's TransDigm will pay $7.75 per share in cash for each share of Aerosonic. That represents a premium of nearly 60 percent to Aerosonic's closing price Friday of $4.85.
Shares of Aerosonic climbed 59 percent, or $2.88, to $7.73 Monday before markets opened and after the companies announced the deal.
Aerosonic Corp., based in Clearwater, Fla., makes air data sensing, test and display components for use in business jets, helicopters and military markets. Its major customers include Boeing Co. and the U.S. government, according to TransDigm.
Aerosonic's board unanimously approved the deal, and TransDigm Group Inc. plans to fund it with cash on hand. It will start the offer to buy Aerosonic shares on or before May 9.
