General Dynamics to buy Jet Aviation for $2.25 billion
(Reuters) - General Dynamics Corp (GD.N) said it agreed to acquire Zurich-based Jet Aviation, a privately held provider of business-aviation services, for about $2.25 billion in cash.
The U.S. defense contractor said the deal, which would expand its flight support services, is expected to immediately add to its earnings.
It expects the acquisition to close by the end of 2008.
Jet Aviation, which is currently owned by private equity firm Permira Funds, provides maintenance, repair and overhaul services for business jets. It also charters executive jets.
Following the acquisition, Jet Aviation will operate as a business unit within the General Dynamics Aerospace group under the Jet Aviation and Midcoast Aviation brands.
General Dynamics, which makes Abrams tanks and Gulfstream aircraft, said the current management of Jet Aviation will not change.
The Swiss firm has about 5,600 employees, General Dynamics said in a statement.
(Reporting by Saumyadeb Chakrabarty in Bangalore; Editing by Mike Miller)
Nelson Mandela: 1918 - 2013
Reuters looks at the life and times of Nelson Mandela, an icon of peace and reconciliation who came to embody the struggle for justice around the world. Video
- A former SAC Capital Advisors trader, set to go on trial next month on insider trading charges, wants to cite in court some 2012 testimony given by the hedge fund's founder Steven Cohen, claiming it rebuts the government's case.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.