AAR paying $725 million for Triumph Group's product support business
Triumph Group Inc.'s stock (TGI) was up by 3% in premarket trading on Thursday after it agreed to sell its 700-employee Triumph Product Support unit to AAR Corp. (AIR) for $725 million. AAR Corp. said the transaction will generate estimated tax benefits currently valued at $80 million. Triumph Product Support drew in $268 million in revenue in the 12 months ended Sept. 30. The deal is expected to close by March 31. Goldman Sachs advised Triumph on the deal, while BofA Securities and Wells Fargo Securities advised AAR.
-Steve Gelsi
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12-21-23 0819ET
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