(Reuters) – Aerospace supplier HEICO Corp said on Monday it would buy Wencor Group in a deal valued at $2.05 billion, to boost its portfolio of generic parts.
HEICO will purchase Wencor from affiliates of Warburg Pincus LLC and Wencor’s management for $1.9 billion in cash and $150 million in HEICO Class A common stock, the company said.
The deal will be HEICO’s largest ever and comes at a time when airlines are increasingly using generic parts to tide over shortages of brand-name parts from companies like General Electric Co .
(Reporting by Priyamvada C in Bengaluru; Editing by Pooja Desai)
