Report: Textron Buying Beechcraft for $1.4 Billion

Stephen Pope

Tuesday, December 24, 2013 at 06:47 PM ET

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Key Takeaways:

The Financial Times reported that Textron, parent company of Cessna, has agreed to acquire Beechcraft for $1.4 billion.
Neither company has officially confirmed the deal, although Textron's stock soared following the news and its CEO had previously expressed interest in buying Beechcraft.
Beechcraft recently emerged from bankruptcy, focusing on its profitable propeller airplane products, and secured a significant $1.4 billion order for King Air turboprops.

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The Financial Times caused a stir with a report that Cessna parent company Textron has reached an agreement to buy Beechcraft for $1.4 billion.

Neither company has commented on the story, which sent Textron’s stock soaring after the news first leaked on Friday. According to the report, Beechcraft hired Credit Suisse in October to identify potential suitors, which are rumored also to have included Embraer and Indian group Mahindra & Mahindra.