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General Dynamics To Buy Jet Aviation
General Dynamics, owner of Gulfstream Aerospace, has agreed to pay about $2.25 billion to buy Zurich-based Jet Aviation from the Permira Funds private equity group. Permira bought the company in 2005 for an undisclosed sum that was said to be about $700 million. Subject to antitrust legal approval, General Dynamics' acquisition of Jet Aviation should be complete by year-end. The company will operate as an independent business unit and will continue to use its own brand name and that of its Midcoast Aviation maintenance chain.
According to General Dynamics, the acquisition of Jet Aviation gives its flight-support business a global dimension to supplement the six U.S. bases of its General Dynamics Aviation Services subsidiary. Jet Aviation has 26 facilities throughout Europe, North and South America, the Middle East and Asia.