
Arcline to Pay $1.8B for Aviation Company Kaman
Private equity firm Arcline Investment Management will acquire aviation technology company Kaman Corp. in an approximately $1.8 billion all-cash take-private deal.
Kaman shareholders will receive $46 per share in cash, representing a 105% premium over the closing price at the end of trading last Thursday.
“Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement,” said Ian K. Walsh, Kaman Chairman, president and CEO.
The Bloomfield, CT-based Kaman, founded in 1945 by aviator Charles Kaman, makes aerospace & defense components, including wheels, brakes and related hydraulic components for helicopters.
Arcline intends to fund the transaction through debt and equity. The transaction, which has been unanimously approved by the Kaman Board of Directors, is expected to close in the first half of 2024.
Kaman counts the U.S. military, Boeing, and defense firms Lockheed Martin and Raytheon as its customers.