BANGALORE (Reuters) - Aircraft components maker Triumph Group Inc (TGI.N) agreed to acquire Vought Aircraft Industries from D.C.-based private equity giant Carlyle Group in a $1.44 billion cash-and-stock deal, sending its shares up as much as 14 percent to a new year high.
The acquisition of Vought, whose customers include Boeing Co (BA.N) and EADS-owned (EAD.PA) Airbus as well as the U.S. Air Force, will help Triumph broaden its market presence in the commercial, military and business jet aircraft segments.
Vought, which makes fuselages, wings, empennages, nacelles and helicopter cabins, has companies such as Hawker Beechcraft, Lockheed Martin (LMT.N) and Northrop Grumman (NOC.N) also among its key customers.
Carlyle had bought Vought from Northrop Grumman in 2000 in a deal valued at $1.2 billion, which included $400 million debt, according to a Flight International magazine report at the time.
Triumph said it expects the deal, which will be about 7.5 million shares and $525 million of cash, to add in excess of $1.00 per share to earnings on a full-year run-rate basis.
The deal also includes the assumption of debt Vought has on their books, Triumph said.
"The integration of Vought with Triumph will create a leading tier one capable supplier with strong positions in commercial and military platforms," Triumph Chief Executive Richard Ill said in a statement.
The company said it expects to fund the deal with a combination of current and new credit facilities and has obtained certain financing commitments subject to customary conditions.
Triumph shares were trading up 14 percent at $69.81 in morning trade on the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore and Megan Davies in New York; Editing by Maju Samuel)
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