AAR to acquire 65% of MRO Holdings at $4.0 billion enterprise value
AAR CORP. furnished an investor presentation describing its pending acquisition of a 65% controlling interest in MRO Holdings, under a share purchase agreement dated September 28, 2026, at an implied enterprise value of $4.0 billion. The deal is financed with new debt and about $780 million of AAR equity issued to MRO Holdings shareholders, plus about $230 million from a PIPE transaction, which would give those holders roughly 12% and new PIPE investors roughly 5% pro forma ownership, and AAR expects pro forma net leverage of about 3.8x at closing.
Key points
- Implied enterprise value of $4.0 billion for a 65% controlling interest; MRO Holdings shareholders keep 35%
- About $780 million of upfront equity to MRO Holdings shareholders (roughly 12% pro forma ownership) and about $230 million in PIPE equity (roughly 5%)
- Pro forma net leverage of about 3.8x at close, with expected closing in AAR's fiscal Q3 ending February 2027, subject to regulatory approvals
- Presentation cites about $75 million of run-rate cost synergies, with run-rate synergies expected by the fiscal year ending May 2030
The filing
Written by AI on Nov 7, 2026, 11:18 PM ET, from this filing only.
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