European private equity firm Permira agreed last month to sell business aviation service company Jet Aviation for a reported $2.25 billion. Permira bought the Swiss-based general aviation conglomerate in 2005 for an estimated $700 million from an ownership group led by the Hirschmann family. The late Carl Hirschmann founded Jet Aviation decades ago. With its worldwide interests in FBOs, completion centers and charter operations, Jet Aviation will continue to operate under the same name, as will Midcoast Aviation, which is included in the deal and was acquired as part of the Permira/Jet Aviation family in March 2006. The acquisition remains contingent upon antitrust legal approval, but is expected to close by year end.
General Dynamics to Acquire Jet Aviation From Investment Firm
Key Takeaways:
- European private equity firm Permira is selling business aviation service company Jet Aviation for $2.25 billion, realizing a significant profit from its 2005 acquisition price of $700 million.
- Jet Aviation, which includes Midcoast Aviation, is a global conglomerate involved in FBOs, completion centers, and charter operations, and will continue to operate under its current name.
- The acquisition is contingent on antitrust legal approval but is expected to close by the end of the year.
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