American Industrial Partners’ $540 Million Acquisition of Vertex Aerospace


Moelis & Company and Simpson Thacher & Bartlett LLP respectively served as financial and legal advisers to L3 in the transaction


New York-based private equity firm American Industrial Partners has agreed to buy Vertex Aerospace business from L3 Technologies (NYSE: LLL) for approximately $540 million in cash.

As part of the agreement, L3 will also sell its Crestview Aerospace and TCS business units, which are included in the Aerospace Systems business segment. The transaction is expected to be completed in the summer of 2018, subject to customary closing conditions and regulatory approvals.

L3 Technologies employs approximately 31,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. Vertex Aerospace provides aviation logistics services, supply chain management, and maintenance, repair and overhaul services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support.

The Simpson Thacher team included Bill Curbow (Picture), Jonathan Stradling and Seth Lowinger (M&A); John Creed and Pierce Pandolph (Tax); David Rubinsky and Eric Wolf (ECEB); Lori Lesser and Amber Harezlak (IP); Abram Ellis and David Shogren (Regulatory); Peter Guryan, Ellen Frye and Peter Herrick (Antitrust); William Sheehan (Credit); Michael Isby and Timothy Mulvihill (Environmental); and Krista McManus and Timothy Gallagher (Real Estate).

Involved fees earner: William Curbow – Simpson Thacher & Bartlett; Jonathan Stradling – Simpson Thacher & Bartlett; Seth Lowinger – Simpson Thacher & Bartlett; John Creed – Simpson Thacher & Bartlett; Pierce Pandolph – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Eric Wolf – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Abram Ellis – Simpson Thacher & Bartlett; David Shogren – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Ellen Frye – Simpson Thacher & Bartlett; Peter Herrick – Simpson Thacher & Bartlett; William Sheehan – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: L3 Technologies;

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Author: Ambrogio Visconti