Valencia-based Wesco Aircraft announced Friday it entered into a “definitive merger agreement” to be acquired by an affiliate of Platinum Equity for an estimated $1.9 billion.
The global company, which touts itself as a leading distributor and provider of comprehensive supply-chain management services to the global aerospace industry and with its worldwide headquarters on Avenue Stanford in Valencia, will combine with company Pattonair, a provider of supply chain management services for the aerospace and defense industries in the United Kingdom, according to a news release.
Wesco Aircraft shareholders would receive $11.05 per share in cash under the agreement, which was unanimously approved by its board of directors, according to the company.
“The cash purchase price represents a premium of approximately 27.5% to the 90-day volume weighted average share price for the period ended May 24, 2019, the last trading day prior to media speculation regarding a potential transaction involving Wesco Aircraft,” the news release read.
The transaction is expected to be completed by the end of the year and is subject to Wesco Aircraft shareholder approval, regulatory clearances and other customary closing conditions, according to the company.
Upon the transaction’s completion, “Wesco will become a privately held company and shares of its common stock no longer will be listed on any public market,” the company said in the news release.
The Valencia location employs about 500 people.
