DRB-Hicom to pay US$111mil for Spirit Aerosytems

PETALING JAYA: DRB-Hicom Bhd has announced that the proposed acquisition amount for the entire equity interest in aerospace company Spirit Aerosystems Malaysia Sdn Bhd (Spirit MY), will be US$110.62mil or about RM454.87mil.

In a filing with Bursa Malaysia, the conglomerate said the estimated purchase consideration has been determined in accordance with the sale and purchase agreement.

On Aug 11, DRB-Hicom announced that it would acquire Spirit MY for a purchase consideration to be determined based on an enterprise value of US$95.2mil.

In a statement yesterday, DRB-Hicom said the estimated purchase consideration to be paid to the sellers will include an added cash amount of US$16.94mil, but minus an “indebtedness” amount of US$1.52mil, thus bringing the amount to US$110.62mil.

DRB-Hicom announced in August that its wholly owned subsidiary, Composites Technology Research Malaysia Sdn Bhd (CTRM), had entered into a conditional share purchase agreement with Spirit AeroSystems Inc and Spirit AeroSystems International Holdings Inc for the acquisition.

Upon completion of the proposed acquisition, Spirit MY will become a wholly owned direct subsidiary of CTRM.