- TransDigm Group Inc (NYSE:TDG) has agreed to acquire Calspan Corporation, a Buffalo, New York-based provider of highly engineered testing and technology development services and systems. Financial terms were not disclosed.
- Calspan operates from seven facilities across the states of New York, Virginia, Minnesota and California. Calspan employs ~625 people and is expected to generate ~$200 million in revenue for FY23.
- “As with all TransDigm acquisitions, we expect the Calspan acquisition to create equity value in-line with our long-term private equity-like return objectives,” commented Kevin Stein, TransDigm’s President and CEO.
- The acquisition is expected to close during TransDigm’s fiscal 2023.
- TransDigm expects to finance the deal with existing cash on hand. It held cash and equivalents of $3.29 billion as of Dec. 31, 2022.
- Price Action: TDG shares traded higher by 3.76% at $729.07 on the last check Tuesday.
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