TransDigm, a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today, acquired Esterline Technologies, a leading worldwide supplier to the aerospace and defense industry, for $4bn. TransDigm will purchase all of the outstanding shares of common stock of Esterline for $122.50 per share in cash, which represents a premium of 38% to Esterline's closing price on October 9, 2018. "We are pleased to have reached agreement to acquire a collection of businesses that fit well with our focused and consistent strategy," stated W. Nicholas Howley, TransDigm's Executive Chairman. "Esterline's core aerospace and defense business consists of primarily proprietary, sole source products with significant and growing aftermarket exposure. We view this as highly complementary to our existing business. We are confident that the combination of Esterline's leading positions and our proven track record of driving performance will enable us to deliver the private equity-like returns our investors have come to expect from this investment."