© Reuters. Kaman (KAMN) reaches deal to be acquired by Arcline for $1.8 billion
(Up to date – January 19, 2024 3:38 PM EST)
Kaman Corp . (NYSE:) introduced on Friday that it has entered into an settlement for its acquisition by non-public fairness agency Arcline Funding Administration in an all-cash deal valued at $1.8 billion.
The transaction, slated to be finalized within the first half of 2024, will see Kaman shareholders obtain $46 per share in money, representing a 105% premium to the final closing worth. Following the completion, the aerospace firm will transition to a privately held entity.
In keeping with the phrases of the deal, this acquisition interprets to 2.3 instances gross sales and 15.0 instances EBITDA primarily based on the 2024 estimates, and a couple of.2 instances gross sales and 13.4 instances EBITDA primarily based on the 2025 estimates, KeyBanc analysts mentioned in a observe.
“We predict buyers will overwhelmingly view this as a constructive deal as Kaman probably confronted a multi-year problem to transition its portfolio again to progress after the sundown of the JPF fuzing program in 2023,” analysts wrote.