January 12, 2020 / 9:06 PM / 7 months ago

Hexcel and Woodward combine in merger valued at over $6 bln

Jan 12 (Reuters) - Hexcel Corp, a composites technology company, and aircraft and industrial parts maker Woodward Inc said on Sunday they would combine in an all-stock merger of equals to create an integrated systems provider for the aerospace and industrial sectors.

The deal is valued about $6.43 billion based on Reuters calculations using Friday’s closing stock prices of $121.96 for Woodward and $72.91 for Hexcel.

The companies said existing Woodward shareholders will own approximately 55% and existing Hexcel shareholders will own approximately 45% of the combined company on a fully diluted basis after the completion of the merger.

The combined company will be named Woodward Hexcel and is expected to generate net revenues of about $5.3 billion and EBITDA of $1.1 billion. (Reporting by Mekhla Raina in Bengaluru; Editing by David Gregorio)

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