Boeing (NYSE: BA) has agreed to buy Spirit AeroSystems in an all-stock transaction valued at about $4.7 billion, or $37.25 per share. The acquisition is expected to conclude by mid-2025 and will include Boeing-related commercial, defense and aftermarket operations, the Arlington, Virginia-based defense and aerospace contractor said Monday.

The Boeing Company (NYSE: BA) recently signed a contract to buy back Spirit AeroSystems (NYSE: SPR), its largest independent supplier of aerostructures, which spun off from the jet maker in 2005.

The CEO of the beleaguered fuselage supplier Spirit AeroSystems, who successfully engineered the plan for Boeing to buy the company 20 years after selling it, could soon be Boeing’s top boss.

Patrick Shanahan is seen as the logical choice due to his engineering background and his ability to turn around poorly performing programs.

As part of the deal, Airbus, the multinational aerospace company that is a top competitor to Boeing (NYSE: BA), will acquire the Spirit AeroSystems (NYSE: SPR) operation in Kinston at the North Carolina Global TransPark.

Just four months after Boeing announced its intention to reacquire most of this critical supplier, Shanahan secured agreement through personal negotiations with the senior leadership of the two greatest rivals in the aviation world.