Textron Inc. says it completed its acquisition of electric airplane OEM Pipistrel. The Providence, Rhode Island, company announced last month that it had agreed to buy Slovenia-based Pipistrel as part of a plan to position itself in the electric aircraft market.
Under terms of the transaction, Textron acquired Pipistrel for a cash purchase price of about $235 million. Pipistrel’s founder and CEO, Ivo Boscarol, will remain a minority shareholder of Pipistrel with a roughly 10 percent interest for two years, during which he will advise the company on product plans and strategies, Textron said.
