Cessna Aircraft's partner company Textron is now part of Beechcraft USA the Associated Press reported Thursday.
Textron, agreed to terms of the $1.4 billion deal that merges the two company's into one. The transaction also comes after Beechcraft came out of bankruptcy in 2013 USA Today reported.
According to The Wall Street Journal, Beechcraft was assisted by Bain Capital's Sankaty Advisors, Angelo Gordon and Co. and Centerbridge Partners, who helped the company turn money it owed, into profitable funds.
The acquisition might have to receive other approvals, prior to its finalization early next year. The deal was close to being done in October according to information from Bill Boisture, CEO at Beechcraft the AP reported.
"From our customers' perspective, this creates a broader selection of aircraft and a larger service footprint, all sharing the same high standards of quality and innovation," Scott Donnelly, Textron Chairman and CEO at Textron told USA Today. "I think it's an extremely good fit in terms of product."
"This creates a broader selection of aircraft and a larger service footprint, all sharing the same high standards of quality and innovation," Scott Donnelly said in the company's statement Bloomberg Businessweek reported.
Textron is slated to give $1.1 billion to fund the acquisition, and supply money both companies can use. J.P. Morgan Chase also financially advised the company throughout the acquisition process, and is staying on in the same capacity.
Textron's turboprop defense planes are available for reasonable prices The Wall Street Journal reported.
Textron saw its shares increase 2.2 percent after markets closed Thursday.
Beechcraft currently flies over 36,000 airplanes, including Hawker jets, and King Air turboprops. These are stationed at service centers it owns The Journal reported.
Beechcraft's has focused on improving the King Air's, that are capable of transporting seven to 11 passengers.
They are also favorable with passengers because they don't require as much fuel like its jetliners do.
