Triumph buys aerostructures firm Vought Aircraft

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Triumph Group is to acquire Vought Aircraft Industries in a $1.44 billion cash and stock transaction.

It is acquiring Vought from long-term investor The Carlyle Group. After closing, Carlyle will own around 31% of outstanding stock of Triumph.

Dallas-based Vought manufactures aerostructures for aircraft including the Boeing 747-8, 777, 767 and the Airbus A330/340.

The purchase consideration to Vought shareholders includes $525 million in cash and about 7.5 million shares.

Vought had also been involved in the 787 programme before Boeing agreed to take over its role in the twin-jet's production last year.

Pennsylvania-based Triumph Group says it expects to complete the acquisition in July. The unit will operate as Triumph Aerostructures-Vought Aircraft Division.