08:55 AM EDT, 07/19/2024 (MT Newswires) -- Loar Holdings ( LOAR ) said Friday that it has agreed to purchase Applied Avionics, an avionics interfaces solution firm, for $385 million in cash.

The company said it expects Applied Avionics to report $40 million in sales and $21 million in adjusted EBITDA for 2024.

Loar ( LOAR ) said the acquisition would yield tax benefits of $45 million.

The deal is expected to be completed soon, and its financing will be facilitated through additional borrowings under Loar's ( LOAR ) existing credit agreement and available cash reserves.

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