TransDigm Group and Breeze-Eastern sign acquisition agreement

TransDigm Group and Breeze-Eastern signed a definitive merger agreement providing for Breeze-Eastern to become an indirect wholly-owned subsidiary of TransDigm. TransDigm and Breeze-Eastern both design, manufacture and supply highly engineered aircraft components. Under the terms of the agreement, a subsidiary of TransDigm will commence a tender offer to acquire all of the outstanding shares of Breeze-Eastern common stock for US$19.61 per share in cash, in a transaction valued at approximately US$206m. Following the purchase of shares through the tender offer, TransDigm will complete the transaction by acquiring all remaining shares not acquired in the offer through a merger at the same price as the tender offer. The transaction will be funded with TransDigm’s cash on hand and is not subject to any financing condition. The merger agreement was unanimously approved by the Board of Directors of Breeze-Eastern. Breeze-Eastern Corporation is a global designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 172 people at its facility in Whippany, New Jersey and in Fredericksburg, Virginia.