Precision aerospace and industrial component manufacturer EDAC Technologies [EDAC] yesterday said it has agreed to be acquired by GB Aero Engine LLC, an affiliate of the private equity firm Greenbriar Equity Group LLC, for $104.1 million.
Terms of the deal call for EDAC shareholders to receive $17.75 in cash per share of common stock. The asking price is a 20 percent premium over EDAC’s average closing price during the 30 trading days ending March 15.
The deal is expected to close in the second quarter of 2013. EDAC’s board has approved the merger.
In the aerospace sector, EDAC provides design and manufacturing services for commercial and military aircraft.
Stifel, Nicolaus & Company served as financial adviser to EDAC on the deal.