08:00 AM EDT, 07/01/2024 (MT Newswires) -- Spirit AeroSystems Holdings ( SPR ) entered a binding term sheet agreement with Airbus to sell production assets related to the European aircraft maker's A350 and A220 jets.

Airbus will be compensated by $559 million from Spirit AeroSystems ( SPR ) to cover the acquisition, and will pay a nominal consideration of $1 for the assets.

The acquisition will include the production of A350 fuselage sections in North Carolina and France, the A220's wings and mid-fuselage in Northern Ireland and Morocco, as well as the A220 pylons in Kansas, Airbus said on Monday, adding that the acquisition is aimed to ensure stability of its supply.

Boeing ( BA ) recently agreed acquire majority of Spirit AeroSystems' ( SPR ) operations in an all-stock transaction worth $8.3 billion.

Spirit AeroSystems' ( SPR ) share price was up almost 5% during recent pre-market activity on Monday.

Price: 34.35, Change: +1.48, Percent Change: +4.50