AAR CORP. Agrees to Acquire 65% Stake in MRO Holdings for $4.0 Billion
AAR CORP. signed a definitive agreement to acquire a 65% controlling interest in MRO Holdings, a global provider of aircraft maintenance, repair, and overhaul, at an implied enterprise value of $4.0 billion. The transaction expands AAR’s aviation aftermarket platform and creates growth opportunities across its core parts, repair, and software activities, according to company disclosures. AAR’s Board of Directors unanimously approved the acquisition.
The deal is scheduled to close in AAR’s fiscal third quarter ending February 2027. Closing remains subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.
Legal Advisors and Transaction Teams
Kirkland & Ellis advised AAR CORP. on the transaction, deploying a large cross-practice legal team spanning corporate, tax, debt finance, capital markets, technology, and antitrust practices.
The Kirkland corporate team included Maggie Flores, Sarkis Jebejian, Aseda Ghartey-Tagoe, Ned Schultheis, Alex Adamis, Jess Lepper, Hunter Johnson, Amir Farahani, Adam Sharf, and Cem Albayrak. Tax matters were handled by Sara Zablotney, Christine Lehman, Taddie Larson, and Britany Nguyen.
Debt finance counsel for the acquisition involved Rachael Lichman, Steven Keithley, Tyler Wills, Jacob Sims, and Amber Yokubaitis. Capital markets guidance was provided by Bob Hayward, Bob Goedert, and Aaron Simons. Daisy Darvall and Martin Schwertmann advised on technology and intellectual property transactions, while Ian John and Chuck Boyars handled antitrust and competition clearances.
Frequently Asked Questions About the AAR and MRO Holdings Transaction
What is the enterprise value of the MRO Holdings transaction?
The transaction has an implied enterprise value of $4.0 billion.
What stake is AAR CORP. acquiring in MRO Holdings?
AAR CORP. is acquiring a 65% controlling interest in MRO Holdings.
When is the transaction expected to close?
The acquisition is expected to close in AAR’s fiscal third quarter ending February 2027, pending regulatory approvals and customary closing conditions.
Which law firm advised AAR CORP. on the deal?
Kirkland & Ellis served as legal advisor to AAR CORP. on the definitive agreement.
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