AAR has entered into a definitive agreement to acquire 65% of MRO Holdings, a specialist in airframe maintenance, based on an enterprise value of $4 billion. The controlling stake is valued at approximately $1.8 billion. The current shareholders, including Roberto Kriete, Caoba Capital, and Bain, will retain a 35% stake upon closing. The transaction is expected to close in the third quarter of AAR’s fiscal year 2027, which ends next February. MRO Holdings operates five airframe maintenance and modification facilities: Aeroman in El Salvador, Flightstar in Jacksonville, Florida, TechOpsMX in Querétaro, Mexico, North State in Winston-Salem, North Carolina, and Rionegro MRO in Colombia.