Boeing has finalized its acquisition of Spirit AeroSystems for $4.7 billion after receiving Federal Trade Commission approval in December 2025, bringing back in-house the supplier responsible for manufacturing fuselages for the troubled 737 MAX.
The Deal
Boeing agreed to purchase Spirit AeroSystems for $37.25 per share in an all-stock transaction valued at $4.7 billion. The planemaker will also assume about $3.5 billion of Spirit’s debt as part of the transaction.
The FTC approved the deal with conditions on December 5, 2025, clearing the way for Boeing to complete the acquisition. Spirit AeroSystems shareholders agreed to the buyout in February 2025, with finalization expected in mid-2025.
What Boeing Gets
Boeing will take control of Spirit’s manufacturing operations that support its commercial jet lineup, including building fuselages for the 737 MAX, the company’s most important revenue generator.
The acquisition also gives Boeing control over a portion of Spirit’s defense contract work. Airbus is separately taking control of some Spirit factories that manufacture structures and components for its commercial aircraft.
Why Boeing Did It
Boeing says the acquisition will improve plane quality and safety amid increasing scrutiny by Congress, airlines, and the Department of Justice following a series of manufacturing problems.
The move reverses a longtime Boeing strategy of outsourcing key work on its passenger planes. Boeing previously owned Spirit AeroSystems before spinning it off in 2005, and problems at the independent supplier have disrupted production and delivery of popular Boeing jetliners, including the 737 and 787.
Boeing stated the deal is “in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing” as it works to restore confidence after the 737 MAX door plug blowout and other quality issues.
Timeline
- June 30, 2024: Boeing and Spirit agreed to terms
- July 1, 2024: Deal officially announced
- February 2025: Spirit shareholders approved the transaction
- December 5, 2025: FTC approved with conditions
- Mid-2025: Expected finalization of acquisition
