Boeing has announced today it has entered a definitive agreement to acquire KLX in order to enhance its growing services business.

The agreement comprises an all-cash transaction for $63 per share and the assumption of approximately $1 billion of net debt, totalling $4.25 billion.

Boeing’s acquisition of KLX will include its Aerospace Solutions Group and is conditional upon the successful divestment and separation of KLX’s Energy Services Group.

KLX Inc. is a major independent provider of aviation parts and services in the aerospace industry.

Its capabilities include global parts distribution and supply chain services for aerospace and defence industries worldwide.

KLX will be part of Boeing Global Services and fully integrated with Aviall.

It is also a leading supplier of chemical composites, with this combination broadening the scope of what Aviall can offer to customers in this space.

“This acquisition is the next step in our services growth strategy, with a clear opportunity to profitably grow our business and better serve our customers in a $2.6 trillion, ten-year services market,” said Stan Deal, president of Boeing Global Services.

“By combining the talent and product offerings of Aviall and KLX, we will provide a one-stop-shop that will benefit our supply chain and our various customers in a meaningful way.”

KLX’s Aerospace Solutions Group employees and operations will be integrated with Aviall, providing a clear path for the business to accelerate growth.

The Miami facilities are expected to continue to remain the principal operating location.