Canadian company Bombardier has reached an amended definitive agreement with US manufacturer Spirit AeroSystems Holding for the sale of its aerostructures business.

The original agreement was first announced in October 2019, under which, the acquisition had a total enterprise valuation of $1,090m and net proceeds purchase price of $500m.

According to the revised agreement, the total enterprise valuation has been reduced to $865m with cash proceeds decreased to $275m.

The sale includes Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK; and Casablanca, Morocco.

Spirit will also acquire Bombardier’s aerostructures maintenance, repair, and overhaul (MRO) facility in Dallas, US.

Bombardier president and chief executive officer Éric Martel said: “Today’s announcement marks another milestone towards achieving our strategic goal of repositioning Bombardier as a pure-play business jet company.

“We are very excited about our future as a more focused company.

“The proceeds from this transaction and from the pending sale of Bombardier Transportation strengthen our liquidity and position us to begin reshaping our capital structure and address our balance sheet challenges so that we can achieve the full potential of our incredibly talented employees and our industry-leading business jet portfolio.”

According to the statements issued by both the companies, the transaction has satisfied all closing conditions and is expected to complete on 30 October.

Formed from the spinoff of Boeing in 2005, Spirit noted that the acquisition will boost its position as the leading aircraft composite structures supplier by expanding its relationship with Airbus.

Bombardier’s Belfast plant produces several aircraft parts, including the wings for the Airbus A220.