2008-08-25 - GD buys Jet AviationGeneral Dynamics to acquire Jet Aviation
Schweizer Geschäftsreiseunternehmen von GD aufgekauft <br /> General Dynamics and Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds, have entered into a definitive agreement for General Dynamics to acquire Zurich, Switzerland-based Jet Aviation for CHF 2.45 billion (approximately $2.25 billion) in cash.
The proposed acquisition, which has been approved by the boards of directors of both companies, would be immediately accretive to General Dynamics' earnings. The transaction is subject to normal regulatory approvals, and is expected to close by the end of 2008.
Jet Aviation, with its worldwide headquarters in Zurich, was founded in Switzerland in 1967 and is one of the world's leading business-aviation services companies. Close to 5,600 employees cater to clients' needs from 25 airport facilities throughout 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. In the past three years, under the control of the Permira Funds, Jet Aviation has developed from a family owned business to a global leader in business aviation services.
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. "We are delighted to be acquiring Jet Aviation and partnering with the current management team to continue its success. Under the Permira Funds' ownership, Jet Aviation has become a global market leader in business-aviation services; as a unit of General Dynamics, Jet Aviation will support one of our core growth areas," said Nicholas D. Chabraja, General Dynamics chairman and chief executive officer.