UPDATE, 11/13/12, 5:25 p.m. EST: Additional O’Melveny & Myers attorneys have been added to the article’s fifth paragraph.

Precision Castparts Corp. said Friday it will pay $2.9 billion in cash to acquire Titanium Metals Corporation—America’s largest manufacturer of titanium products.

Portland, Oregon-based Precision makes metal components used in aircraft and industrial gas turbines. As a longtime customer of Dallas-based Titanium Metals, Precision expects the acquisition will present cost savings while streamlining its production process. Reuters notes that the deal would be the seventh so far this year for Precision, which also acquired Klune Industries—a manufacturer of aircraft parts made from a variety of metals, including titanium—in July 2011 for an undisclosed amount.

Precision will pay $16.50 in cash for each Titanium Metals share, with a tender offer to be made to shareholders by November 20. Completion of the deal, expected by the end of the year, is contingent upon a majority of outstanding shares being tendered, as well as regulatory approval.

Precision has turned to Portland firm Stoel Rives and O’Melveny & Myers for legal advice on the deal. Stoel’s team is led by M&A partners Ruth Beyer and Jason Brauser. Employee benefits partner Bethany Bacci, tax partner Christopher Heuer, and environmental partner Peter Serrurier are also advising for Stoel. The firm has advised Precision on a number of its recent acquisitions, including last year’s $900 million purchase of airplane parts maker Primus International from Oak Hill Capital Partners.

O’Melveny’s team includes M&A partners Doron Lipshitz and David Schultz, as well as M&A counsel Kimberly Sowders and Megan Gess. Partner Riccardo Celli and counsel Philippe Nogues are advising on antitrust aspects of the deal.

Precision’s general counsel is Andrew Nace.

Weil, Gotshal & Manges is representing Titanium Metals on its sale with a team led by Dallas corporate partner Glenn West. Litigation partner Greg Danilow, corporate partner R. Jay Tabor, tax partner Jared Rusman, benefits partner Michael Kam, antitrust partner Douglas Nave, and public company advisory partner P.J. Himelfarb are also advising.

It was a busy few days of dealmaking for Weil, which also represented the investment bank Jefferies Group in its $2.8 billion sale to Leucadia National Corporation, which was announced Monday.

Roger Cooke is general counsel for Precision.