AAR has entered into a definitive agreement with Triumph Group to purchase MRO service provider, Triumph Product Support for $725 million in cash. As part of the transaction, AAR expects to receive estimated tax benefits with a present value of approximately $80 million. Including the estimated tax benefits, the effective purchase price multiple is expected to be 11.7x FY2024 EBITDA and 9.9x including estimated run-rate synergies of $10 million. Triumph Product Support services commercial and military aftermarkets across five primary locations with a workforce of over 700. In its fiscal year ending March 31, 2024, it will reportedly generate around

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