Hexcel Corp and Woodward combine in merger valued at over $6 billion

Hexcel Corp, a composites technology company, and aircraft and industrial parts maker Woodward Inc said on Sunday they would combine in an all-stock merger of equals to create an integrated systems provider for the aerospace and industrial sectors.

The deal is valued about $6.43 billion based on Reuters calculations using Friday's closing stock prices of $121.96 for Woodward and $72.91 for Hexcel.

The companies said existing Woodward shareholders will own approximately 55 per cent and existing Hexcel shareholders will own approximately 45 per cent of the combined company on a fully diluted basis after the completion of the merger.

The combined company will