TransDigm Group acquired Esterline Technologies Corporation for approximately $4.0 billion ($122.50/share, 38% premium, including assumed debt), a transaction completed in March 2019, structured as all cash.
Esterline Technologies Corporation operates in Power & Control / Airframe, is based in Bellevue, Washington (HQ); 50+ locations worldwide, had revenue of about approximately $2.0 billion (FY2018E). Bellevue, Washington-based specialized manufacturer for aerospace and defense (NYSE: ESL), with 28 business units across eight platforms and over 12,500 employees in 50+ locations. Attractive OEM and aftermarket platform positions with substantial content on major commercial, regional, business-jet and defense platforms. TransDigm's largest closed acquisition to date.
Primarily proprietary, sole-source A&D products with growing aftermarket exposure
Esterline's core aerospace and defense business consists of primarily proprietary, sole source products with significant and growing aftermarket exposure. We view this as highly complementary to our existing business. We are confident that the combination of Esterline's leading positions and our proven track record of driving performance will enable us to deliver the private equity-like returns our investors have come to expect.W. Nicholas Howley, Executive Chairman, TransDigm Group
Advisory firms were not disclosed for this transaction.