Mergers & Acquisitions ·
AAR Corp agrees to acquire 65% stake in MRO Holdings for $4.0B enterprise value
AIRAar Corp
AAR Corp has entered into a definitive agreement to acquire a controlling 65% interest in MRO Holdings, Inc., at an implied enterprise value of $4.0 billion. The transaction involves approximately $780 million in upfront equity consideration issued to current shareholders and roughly $230 million via a PIPE investment. AAR will finance the acquisition through a combination of new debt and equity issuance, targeting pro forma net leverage of approximately 3.8x at closing with a path toward 2.0x–2.5x in the medium term. The deal is expected to close in fiscal Q3 ending February 2027, subject to regulatory approvals. AAR Corp operates as an independent provider of aviation aftermarket services, including parts distribution, repair, and software solutions.