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LMI Aerospace to buy Valent for at least $237M

Published on NewsOK Modified: December 6, 2012 at 11:51 am •  Published: December 6, 2012

In addition, LMI said the deal also includes about $9.7 million in "certain retained obligations."

The agreement was unanimously approved by LMI's board, but remains subject to a variety of closing conditions including regulatory approvals. It's expected to close by the end of the year.

LMI said that RBC Capital Markets has agreed to provide $300 million in new financing to pay for the acquisition, refinance existing debt and fund working capital requirements. LMI said it expects the acquisition to slightly lower its 2012 earnings per share, but significantly boost its profits in 2014.

LMI shares fell 67 cents, or 3.6 percent, to $18.15 in midday trading Thursday. Its shares have traded in a 52-week range of $14.97 to $21.41.