Textron Inc. completed the acquisition of 90% stake in Pipistrel D.O.O. Ajdovscina, Pipistrel Vertical Solutions d.o.o and Pipistrel Italia S.r.l for approximately $260 million.
April 14, 2022
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Textron Inc. (NYSE:TXT) entered into an agreement to acquire unknown majority stake in Pipistrel D.O.O. Ajdovscina, Pipistrel Vertical Solutions d.o.o and Pipistrel Italia S.r.l. on March 17, 2022. The speculative deal value of the transaction is approximately €220 million. Ivo Boscarol, the Founder and Chief Executive Officer of Pipistrel, will remain a minority owner. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2022. Robert Katz, Ravi Purohit, Kieran Dickinson, Rene de Vera, Matthew Salerno, Tomas Nilsson, Stefano Sciolla, Cesare Milani, Irene Terenghi, Hui Xu and Rowland Cheng of Latham & Watkins LLP acted as legal advisor to Textron.
Textron Inc. (NYSE:TXT) completed the acquisition of 90% stake in Pipistrel D.O.O. Ajdovscina, Pipistrel Vertical Solutions d.o.o and Pipistrel Italia S.r.l. for approximately $260 million on April 15, 2022. The purchase price included the assumption of $35 million of debt and other contractual obligations under the agreement and a final fixed payment of $21 million due in 2024. Pipistrel's founder and Chief Executive officer, Ivo Boscarol, will remain a minority shareholder of Pipistrel with an approximately 10 percent interest for a two-year period. ernej Jeraj, Tomaz Petrovic, and Luka Fabiani of Odvetniska Pisarna Fabiani, Petrovic, Jeraj, Rejc D.O.O. acted as legal advisors for Pipistrel D.O.O. Ajdovscina/Pipistrel Vertical Solutions d.o.o./Pipistrel Italia s.r.l. Igor Angelovski of Ketler & Partners acted as legal advisor for Textron Inc.
Textron Inc. is a diversified industrial group organized around 5 families of products and services:
- aircraft (34.1% of net sales): business aircraft, turboprop planes, and single-engine piston aircraft;
- military and commercial helicopters (28.4%; Bell). The group also offers logistical support services, technical support services, training, maintenance, and repair services;
- industrial equipment (25.7%): fuel systems, hydraulic power tools, measuring equipment, fiber-optic connectors, golf carts, lawn maintenance equipment, etc.;
- defense and aerospace systems (11.3%): precision weaponry, smart battlefield systems, airborne and underground surveillance systems, aircraft control components, unmanned aircraft systems, shielded vehicles, piston engines, etc.;
- financing services (0.5%).
Net sales break down geographically as follows: the United States (68.2%), Europe (11.5%), Asia and Australia (9.5%) and other (10.8%).
Textron Inc. completed the acquisition of 90% stake in Pipistrel D.O.O. Ajdovscina, Pipistrel Vertical Solutions d.o.o and Pipistrel Italia S.r.l for approximately $260 million.
TEXTRON INC. 
