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Boeing is the biggest U.S. manufacturer of commercial airplanes. (GeekWire Photo)

The Boeing Co. says it has entered into a definitive agreement to acquire KLX Inc., a Florida-based aerospace parts distributor, as part of its drive to boost its global services business.

Today’s announcement comes just a few days after The Wall Street Journal reported that such a deal was in the works. The agreement involves an all-cash transaction for $63 a share as well as the assumption of about $1 billion of net debt, for a total of $4.25 billion, Boeing said.

Boeing said the acquisition was conditional upon the successful divestment and separation of KLX Inc.’s Energy Services Group, and upon the customary approvals from regulators and KLX’s shareholders. The sale is expected to close by the third quarter of this year.

Once the deal goes through, KLX will be part of Boeing Global Services and become fully integrated with Boeing’s parts subsidiary, Aviall.

KLX is also a leading supplier of chemical composites, which are taking on an increasingly important role in aerospace manufacturing. The company has about 2,000 employees, and its Miami facilities are expected to remain KLX’s principal operating location.

The deal is in line with Boeing’s long-term plan to grow aviation services into a business that contributes $50 billion in revenue annually to the aerospace giant’s bottom line.

“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, 10-year services market,” Stan Deal, president and CEO of Boeing Global Services, said in today’s announcement. “By combining the talent and product offerings of Aviall and KLX Inc., we will provide a one-stop shop that will benefit our supply chain and our various customers in a meaningful way.”

Boeing said the deal should have a neutral impact on earnings this year, with increased cost savings in the years ahead. It expects the annual savings to amount to $70 million by 2021. The transaction will be financed primarily with cash on hand, supplemented with debt, Boeing said.

KLX Chairman and CEO Amin Khoury welcomed the deal — which would bring new meaning to the company’s catchphrase, “Part of Something Bigger.”

“Our customers have long desired a supplier who could offer essentially 100 percent of their requirements for fasteners, consumables and expendables. The combination of Aviall and KLX Aerospace facilitates the broadest scope of parts and products to support all customer fleet types for the commercial, military and defense and business and general aviation markets,” Khoury said in today’s announcement. “This business combination will enable us to deliver industry-leading, value-added service solutions for our customers, and outstanding growth opportunities for our suppliers.”

This is an updated version of a report that was first published at 10:44 a.m. PT April 27.

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