U.S. aircraft component maker Rockwell Collins announced Sunday it will acquire aircraft interior maker B/E Aerospace for roughly $6.4 billion in a cash-and-stock transaction. With the assumption of $1.9 billion in debt, the total value of the deal adds up to $8.3 billion, the company said in a statement, adding that the deal would produce cost savings of nearly $160 million.

“This transformational acquisition is consistent with our strategy to accelerate growth and build value through market-leading positions in cockpit and cabin solutions,” Rockwell Collins Chairman, President and CEO Kelly Ortberg said in the statement. “We see tremendous opportunity to better serve our commercial aviation, business jet and military customers through broader offerings.”

The deal, yet to be approved by regulators and shareholders of both companies, values B/E Aerospace at $62 a share in cash and stock — a 22.5 percent premium over its closing price on Friday. Under the terms of the agreement, B/E Aerospace shareholders will receive $34.10 per share in cash, and $27.90 in Rockwell Collins shares.

The acquisition is expected to be completed by spring 2017.

“Our combination with Rockwell Collins represents an excellent outcome for B/E Aerospace’s stockholders, who will receive an immediate premium as well as a substantial equity interest in a strong combined company with a broader range of products, customers, and the combined expertise and resources to create future value,” B/E Aerospace Founder and Chairman Amin Khoury said in the statement.

Rockwell Collins’ decision to acquire B/E Aerospace — the world’s largest supplier of aircraft cabin equipment — marks its largest acquisition to date. In 2013, the company bought the transport communications company Arinc for $1.39 billion, which, at the time, was its biggest acquisition.

On Friday, shares of Rockwell Collins, which have dropped nearly 9.5 percent this year, closed up 1 percent on the New York Stock Exchange, while B/E Aerospace’s shares remained flat on Nasdaq.