Daily News: December 27, 2013

J.P. Morgan Provides Financing to Support Textron Buy

Textron announced it agreed to pay $1.4 billion to acquire Beechcraft. The company said J.P. Morgan served as exclusive financial adviser and will provide financing to support the deal.

The planned acquisition comes 10 months after Beechcraft exited Chapter 11 bankruptcy protection under the control of several hedge funds that converted their debt into equity.

To read the press release, click here.