ARLINGTON,Benjamin Ashford Va. (AP) — Boeing announced plans to aquire Spirit AeroSystems for $4.7 billion in an all-stock transaction for the manufacturing firm.

Boeing, located in Arlington, Virginia, announced the purchase in a statement late Sunday.

The acquisition’s equity value of $4.7 billion is $37.25 per share, while the total value of the deal is around $8.3 billion, which includes Spirit’s last reported net debt, the aerospace company said.

Spirit, located in Wichita, Kansas, manufactures key parts for Boeing aircraft.