Boeing announced that it has closed its $4.7 billion equity purchase of Spirit AeroSystems, bringing the former fuselage and wing manufacturer back under the Boeing umbrella. The deal values Spirit at $4.7 billion in equity and approximately $8.3 billion in enterprise value when the company’s $2.6 billion of debt is included.
The acquisition adds Spirit’s commercial and aftermarket operations to Boeing’s portfolio, including the production of 737 fuselages and major structures for the 767, 777 and 787 Dreamliner. Spirit’s spare‑parts business, which supplies a global network of maintenance, repair and overhaul customers, is also incorporated. The Belfast, Northern Ireland, facility will continue as an independent subsidiary branded Short Brothers, a Boeing Company, while Spirit Defense will operate as a non‑integrated subsidiary of Boeing Defense, Space & Security.
Strategically, the deal restores Boeing’s control over the critical wing and fuselage supply chain that was divested in 2005. By re‑acquiring these capabilities, Boeing aims to tighten quality control, reduce lead times, and accelerate the ramp‑up of the 737 MAX and 787 programs—both of which have faced production and safety challenges in recent years. The move also expands Boeing’s global services footprint through Spirit’s aftermarket business and preserves a dedicated defense supply chain for the P‑8 and KC‑46 platforms.
Financially, the transaction is expected to generate annual synergies of roughly $200 million and to become accretive to Boeing’s earnings per share in the second full year after closing. Boeing will assume Spirit’s $2.6 billion of debt, but the company’s recovery plan projects a return to positive free cash flow within the next few years. Spirit had reported a $133 million loss on asset divestitures to Airbus and a Q2 2025 operating loss of $5.36 per share, underscoring the financial pressures that made the acquisition attractive to both parties.
The market welcomed the completion, with analysts noting that the deal addresses long‑standing supply‑chain vulnerabilities and positions Boeing to meet its 42‑jet‑per‑month 737 MAX target and eight‑jet‑per‑month 787 target by year‑end. The Federal Trade Commission approved the transaction with conditions that required the divestiture of certain Airbus‑related assets, preserving competition in the aerospace market.
Boeing CEO Kelly Ortberg said the acquisition “is a pivotal moment in Boeing’s history and future success as we begin to integrate Spirit AeroSystems’ commercial and aftermarket operations and establish Spirit Defense.” He added that the company is focused on maintaining stability, delivering high‑quality aircraft, and expanding advanced defense capabilities for its customers.
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