The Boeing Company acquired Spirit AeroSystems Holdings, Inc. for Approximately $4.7 billion equity value ($37.25 per share, all stock); total transaction value approximately $8.3 billion including Spirit's net debt, a transaction completed in December 2025, structured as All stock; each Spirit share exchanged for between 0.18 and 0.25 Boeing shares (equal to $37.25 divided by Boeing's 15-day VWAP, subject to a $149.00 floor and $206.94 ceiling on Boeing's share price). The deal was a Merger (reintegration of a former subsidiary).
Spirit AeroSystems Holdings, Inc. operates in Commercial Airplanes (with aftermarket to Global Services and defense programs to a standalone Spirit Defense), is based in Wichita, Kansas (Spirit AeroSystems headquarters). Boeing reacquired Spirit AeroSystems, the fuselage and aerostructures maker Boeing had spun off in 2005, in an all-stock deal valued at about $4.7 billion in equity (roughly $8.3 billion including net debt). Boeing framed the reintegration as a way to fully align commercial production, safety and quality-management systems following 737 quality issues. The acquisition brought in Spirit's Boeing-related commercial operations -- including 737 fuselages and major structures for the 767, 777 and 787 -- plus commercially procured fuselages for the P-8 and KC-46 and Spirit's aftermarket business. Spirit's defense work was organized into a standalone Spirit Defense, and Airbus separately agreed to take over Spirit's Airbus-related work.
Boeing said reintegrating Spirit would let it fully align its commercial production systems -- including safety and quality-management systems -- and its workforce to the same priorities and outcomes centered on safety and quality.
Boeing's largest structures supplier and a critical 737 fuselage source; bringing it in-house was intended to stabilize the supply chain and directly control production quality. Aligns Spirit's commercial production and quality systems with Boeing's; brings Boeing's largest spare-parts supplier and Spirit's MRO/aftermarket footprint in-house. Commercial operations aligned under Boeing Commercial Airplanes; aftermarket under Boeing Global Services; defense programs run independently as Spirit Defense.
We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly. By reintegrating Spirit, we can fully align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives and outcomes centered on safety and quality.Dave Calhoun, President and CEO, The Boeing Company (at announcement)
This is a pivotal moment in Boeing's history and future success as we begin to integrate Spirit AeroSystems' commercial and aftermarket operations and establish Spirit Defense.Kelly Ortberg, President and CEO, The Boeing Company (at close)
Advisory firms were not disclosed for this transaction.