Madison Air Solutions Corp. (MAIR) has agreed to sell 90.11 million shares of Class A common stock at $24.97 per share in a private placement expected to raise approximately $2.25 billion.
The offering is expected to close around September 1.
The company intends to use the net proceeds to fully fund the equity portion of its previously announced acquisition of ebm-papst for approximately $5 billion in cash.
The company said that it will fund the acquisition with the private placement proceeds and approximately $2.8 billion of debt and cash.
Pro forma net leverage is expected to be about 3.7x at closing, with the company targeting leverage below 2.5x within two years following the acquisition.
The company continues to expect the acquisition to be accretive to earnings per share in the first year following closing and remains on track to complete the transaction around year-end 2026.
In the pre-market trading, Madison Air Solutions is 4.20% higher at $26.04 on the New York Stock Exchange.
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