Rhode Island-based Textron Inc said it will purchase Beechcraft Corp in a cash and debt deal worth $1.4 billion, Bloomberg reported. Textron Inc is an industrial company that operates in aircraft, defense, industrial products and finance. Its products include Cessna aircrafts and Bell helicopters. Beechcraft Corp is a planemaker that manufactures general aviation and military aircraft.

In a statement, Textron said it will buy all the outstanding equity interest in Beechcraft's parent firm, Beech Holdings Llc. The equity purchase and the required cash needed to repay the working capital debt of Beechcraft will be financed through a combination of cash and as much as $1.1 billion in new debt.

The report said adding Beechcraft would grow the lineup of piston engine and turboprop planes of Cessna, a field that is not as competitive as private jets. The company which was previously known as Hawker Beechcraft exited bankruptcy in February and halted manufacturing business jets to concentrate on military trainers, twin engine King Air and other propeller-driven models.

In the statement, Textron Chairman and Chief Executive Officer Scott C. Donnelly said, "This creates a broader selection of aircraft and a larger service footprint -- all sharing the same high standards of quality and innovation."

One year after the deal to sell itself to a China-based jetmaker failed, Beechcraft entered into an auction process again. Citing sources, Bloomberg News reported in October that at least three suitors were interested in taking over the planemaker. Aside from Textron, Brazil-based Embraer SA and India-based Mahindra & Mahindra Ltd were reported to be interested in Beechcraft.

Textron said investors that held enough equity in Beech Holdings have already sent proxies authorizing their written consents in favor of the deal. The statement said the transaction is set to be completed in the first half of 2014 after meeting regulatory approvals and other closing conditions.