SAN FRANCISCO, May 1 (Xinhua) -- Top U.S. aircraft manufacturer Boeing Co. announced Tuesday that it will pay a total of 4.25 billion U.S. dollars to acquire leading aviation parts and service distributor KLX Inc. to tap the lucrative aviation service market.

Boeing said the acquisition is contingent on the spin-off of KLX Inc.'s energy business, which will be sold to shareholders.

The deal includes an all-cash transaction for 63 dollars per share and the assumption of approximately 1 billion dollars in net debt when it acquires KLX Inc. to grow the aviation service business, Boeing said.

Boeing's ambitious acquisition will position the world's largest airplane maker to compete and win the 2.6-trillion-dollar services market over a period of 10 years.

After the transaction, KLX Inc. will become part of Boeing Global Services and be fully integrated with the planemaker's parts subsidiary, Aviall, whose facilities are based in Miami in southern Florida.

Boeing will save an annual cost of about 70 million dollars by 2021 as a result of the deal.

KLX Inc. is a major independent provider of aviation parts and services in the aerospace industry, offering parts distribution and supply chain services for aerospace and defense industries worldwide.