AAR To Acquire 65% Stake In MRO Holdings; Q1 Profit, Revenue Rise

AAR Corp. agreed to acquire a 65% stake in MRO Holdings as it pushes to expand its aviation aftermarket platform and maintenance services. The deal values MRO Holdings at an implied enterprise value of $4 billion. AAR will initially pay about $1.8 billion for the 65% stake and repay roughly $1.3 billion of MRO Holdings’ existing debt, with options to buy the remaining 35% in stages. It expects about $1 billion in sales and $285 million in adjusted EBITDA in calendar 2026, and targets 19%-20% adjusted EBITDA margin after integration. The transaction is expected to close in AAR’s fiscal third quarter ending February 2027. Separately, AAR reported first-quarter net income of $40.1 million, up from $34.4 million a year earlier, and sales rose 24% to $918.0 million.