Kaman Corporation, referred to as “Kaman” henceforth, has finalized its acquisition by Arcline Investment Management, L.P. (“Arcline”) through an all-cash transaction valued at approximately $1.8 billion.
This acquisition, which was initially disclosed on January 19, 2024, received approval from Kaman shareholders on April 17, 2024. As part of the deal, shareholders of Kaman will receive $46.00 per share in cash. Consequently, Kaman’s common stock has ceased trading and will be delisted from the New York Stock Exchange.
Ian K. Walsh, the Chairman, President, and Chief Executive Officer of Kaman, expressed his satisfaction with the transaction, stating, “We are thrilled to announce the completion of this value-maximizing transaction with Arcline and are proud to have delivered an outcome that is in the best interest of our shareholders, employees, and customers.” He also highlighted the company’s confidence in its future as a private entity, foreseeing benefits from additional resources and expertise provided by Arcline to bolster their existing strengths and capitalize on previous strategic efforts.
Arcline, in turn, expressed enthusiasm about the acquisition, recognizing Kaman as an industry leader known for innovation and serving critical markets. They emphasized their commitment to supporting Kaman’s growth and success as a provider of engineered components and subsystems for vital programs.
J.P. Morgan Securities LLC acted as the exclusive financial advisor to Kaman, with legal counsel provided by Skadden, Arps, Slate, Meagher & Flom LLP and Wiggin and Dana LLP. On the other side, Morgan Stanley & Co. LLC served as Arcline’s exclusive financial advisor, supported by legal counsel from Latham & Watkins LLP and Paul Hastings LLP.
