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LMI Aerospace to Buy Valent Aerostructures

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December 6, 2012 | Comments (0)

In an SEC filing and press release Thursday, LMI Aerospace (Nasdaq: LMIA  ) announced that it has agreed to purchase privately held Valent Aerostructures, a provider of complex, structural components, major sub-assemblies and machined parts for OEM and Tier 1 airframe manufacturers in the aerospace and defense industries.

Initial consideration for the deal will be approximately $237 million, less retained indebtedness of approximately $12.6 million. In addition, if Valent hits certain financial goals over the coming years, LMI could pay an additional amount of up to $40 million in "earn out."

Payment will be in the form of LMI common shares and cash, with the likely outcome, absent a steep fall in the stock price of LMI, being $15 million worth of shares, and the balance in cash.

The deal is subject to customary closing conditions, including regulatory approval. Royal Bank of Canada (NYSE: RY  ) has agreed to provide up to $300 million in financing to fund the transaction, which will be essential to the deal. LMI currently has only a little over $100,000 in the bank. LMI and Valent are based in Missouri.

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Related Tickers

5/24/2013 3:59 PM
LMIA $19.10 Up +0.37 +1.98%
LMI Aerospace, Inc… CAPS Rating: ****
RY $61.53 Up +0.23 +0.38%
Royal Bank of Cana… CAPS Rating: ****

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