AAR to Acquire Controlling Interest in MRO Holdings to Expand Aviation Aftermarket Services
AAR Corp. has agreed to acquire a 65% controlling interest in MRO Holdings for approximately $4 billion. The transaction is expected to significantly enhance the company's aircraft maintenance, repair, and overhaul capabilities.
WOOD DALE, Ill., Sept. 28, 2026 – AAR Corp. (NYSE: AIR), an aviation aftermarket services provider, announced it has entered into a definitive agreement to acquire a 65% controlling interest in MRO Holdings for an implied enterprise value of approximately $4.0 billion. This move is part of AAR's strategy to expand its platform for aircraft maintenance, repair, and overhaul (MRO).
MRO Holdings is a global provider of aircraft MRO services with over four decades of experience. It employs approximately 10,000 professionals and operates 115 airframe maintenance lines across the Americas. The acquisition is anticipated to add more than $1 billion in revenue for AAR and primarily serve U.S. airline customers.
AAR President and CEO John M. Holmes stated the transaction will establish AAR as the world's largest heavy maintenance MRO provider. The combination is expected to drive increased volume through AAR's other service lines, strengthen its original equipment manufacturer (OEM) distribution relationships, and support its software business through enhanced data collection. The company also anticipates growth opportunities in heavy maintenance, including for widebody aircraft.
The acquisition is projected to improve AAR's financial profile, with an expected adjusted EBITDA margin of approximately 19% to 20% within three to four years, partly due to anticipated cost synergies of around $75 million. The deal is expected to be accretive to earnings per share in the first full fiscal year post-closing.