Textron Inc., the manufacturer of Cessna aircraft, will boost its lineup of propeller-driven aircraft after reaching a deal to buy Beechcraft Corp. for $1.4 billion, as it seeks to counter a slump in business-jet sales.

The Providence, R.I.-based company will purchase all outstanding equity interests in Beech Holdings LLC, the parent of Beechcraft, it said in a statement Friday. The deal, which includes the repayment of Beechcraft’s working capital debt, will be financed by a combination of available cash and as much as $1.1 billion in new debt.

Adding such Beechcraft models as the twin-engine King Air will complement a Cessna lineup that ranges from two-seaters to the ­Caravan ­turboprop used to fly ­people and cargo to small airports. That market segment is less competitive than private jets, where Cessna has struggled because it doesn’t build the large long-range planes now favored by corporate buyers.

“It’s definitely a pretty good overall fit,” said Eric Hugel, an analyst at S & P Capital IQ Inc. in New York, in a telephone interview. “It looks like the deal is reasonably priced and there should be a lot of opportunity to squeeze out costs.”

Beechcraft had revived an auction process a year after its deal to sell itself to a Chinese jetmaker ­collapsed. It had drawn takeover interest from at least three suitors, including Brazil’s Embraer SA, India’s Mahindra & Mahindra Ltd. and Textron.

Squeezed by waning private-jet demand and a drop in U.S. arms spending, the former Hawker Beechcraft filed for bankruptcy in May 2012. The Wichita, Kan.-based company left court protection in February and exited the jet business with a pledge to keep servicing the planes.

“It’s an extremely good fit in terms of product as we add King Air,” said Scott Donnelly, Textron chairman and CEO, in a conference call Friday with analysts. “It allows us to strengthen our service business.”

Textron shares gained 1.1 percent to $36.61 on Friday in New York. The stock has risen 48 percent this year.

Beechcraft will bolster an aviation business that accounted for 60 percent of Textron’s $12.2 billion in 2012 revenue. Products including the Commando four-wheeled armored vehicle and E-Z-Go golf carts make up the remainder of its sales.

The general aviation unit, led by the King Air brand, will account for 53 percent of Beechcraft’s estimated revenue of $1.8 billion this year. The service unit will account for 31 percent of revenue and defense, led by the T-6 military training aircraft, will make up 16 percent, Textron said. Beechcraft has 35,000 aircraft in service.