BDRBF - Spirit AeroSystems Bombardier amend terms of purchase agreement

Spirit AeroSystems (SPR) is amending its deal with Bombardier ([[BDRAF]], [[BDRBF]]) through which it is acquiring the outstanding equity of Short Brothers and Bombardier Aerospace North Africa SAS and other assets.Net proceeds purchase price payable to Bombardier will be reduced from $500M-$275M. The deal will close on October 30.At signing on Oct. 31, 2019, Spirit reported that the acquisition had a total enterprise valuation of $1.09B, but the amendment reduces the total enterprise valuation to $865M."This acquisition accelerates our strategic transformation by increasing our Airbus content with the A220 composite wing and growing our aftermarket business," Spirit AeroSystems CEO Tom Gentile declared. "The transaction secures Spirit's position as the world's leader in composite structures for aircraft and as one of the leaders in integrated wing technologies. As with the rest of the aerostructures industry, performance will be adversely impacted due to COVID-19 for the coming years, but we worked closely

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Spirit AeroSystems, Bombardier, amend terms of purchase agreement