TransDigm Group Inc. (NYSE: TDG) will acquire Aerosonic Corp. (NYSE: AIM) for about $39 million.
Aerosonic designs and manufactures engineered air-data sensing, test and display products for the jet, helicopter and military markets. The company’s customers include the U.S. government and Boeing Co. (NYSE: BA).
The purchase price works out to about $7.75 per share in cash. The company’s stock closed at $4.85 on April 18, the last day of trading before the deal was announced.
Aerosonic, headquartered in Clearwater, Fla., will solicit offers from third parties during the next 40 days.
Cleveland-based TransDigm, designs, produces and supplies aircraft components for the commercial and military markets.
Bluestone Capital Partners is TransDigm’s financial adviser, while Baker & Hostetler LLP is acting as legal counsel. Hyde Park Capital provided financial advice to Aerosonic’s board of directors, and Hill Ward Henderson PA acted as the target’s legal counsel.
The deal follows several others in the aerospace industry, including Merex’s acquisition of Aircraft Logistic Support Co., a company that provides services for the fuel and electrical systems of planes, and Trans-Pacific Aerospace Co. Inc.’s purchase of a 55 percent stake in Godfrey (China) Ltd., a company that makes bearings for aircrafts.