General Dynamics acquires support services provider, Jet Aviation, for $2.25 billion
19 August 2008
Falls Church, USA: General Dynamics and Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds, have entered into an agreement under which General Dynamics will acquire Zurich, Switzerland-based Jet Aviation for Swiss francs 2.45 billion (approximately $2.25 billion) in cash. The transaction is expected to create a worldwide business jet support network and expand General Dynamics' aerospace operations into global flight support services.
Jet Aviation was founded in Switzerland in 1967 and is one of the world's leading business aviation services companies.
The proposed acquisition, which has been approved by the boards of directors of both companies, would add to the earnings of General Dynamics immediately. The transaction is subject to normal regulatory approvals, and is expected to close by the end of 2008.
The current Jet Aviation management is expected to remain in place.
Following completion of the acquisition, Jet Aviation will continue serving the entire aircraft manufacturing community and its global client base as a new business unit within the General Dynamics Aerospace group, operating under the Jet Aviation and Midcoast Aviation brands.
Jet Aviation's 5,600 employees cater to client needs across 25 airport facilities in Europe, the Middle East, Asia and North and South America. Services provided include maintenance, repair and overhaul; completions and refurbishments; engineering; fixed base operations (FBO); along with aircraft management, flight support and global executive jet charter services; aircraft sales and acquisitions and personnel services.