Aerospace supplier HEICO to buy Wencor in deal valued at $2.05 bln (updated)

Heico

15/05/2023 14:28

(Adds details of deal in paragraph 2, background in paragraph
3)
       May 15 (Reuters) - 
    Aerospace supplier HEICO Corp  HEI.N  said on Monday it
would buy Wencor Group in a deal valued at $2.05 billion, to
boost its portfolio of generic parts.
        HEICO will purchase Wencor from affiliates of Warburg
Pincus LLC and Wencor's management for $1.9 billion in cash and
$150 million in HEICO Class A common stock, the company said.
  
        The deal will be HEICO's largest ever and comes at a
time when airlines are increasingly using generic parts to tide
over shortages of brand-name parts from companies like General
Electric Co  GE.N .

 (Reporting by Priyamvada C in Bengaluru; Editing by Pooja
Desai)
 ((Priyamvada.C@thomsonreuters.com https://twitter.com/priyamouli1812?lang=en;))