Raytheon Aircraft finds buyer

 - December 22, 2006, 4:15 AM

On December 21 Raytheon announced a $3.3 billion “definitive agreement” that will result in the sale of Raytheon Aircraft to Onex Partners of Toronto and GS Capital Partners (an affiliate of New York-based Goldman Sachs) and establish Hawker Beechcraft Corp. The deal includes Raytheon Aircraft assets in Wichita and Salina, Kan.; Little Rock, Ark.; and Dallas, as well as its FBO network in the U.S., UK and Mexico, but not fractional provider Flight Options or Raytheon Airline Aviation Services, which manages the Beechcraft 1900D program. The aircraft unit’s current management will remain. Raytheon Company had announced last July that it was “reviewing strategic alternatives for Raytheon Aircraft Company” and three major bidders quickly emerged, including the Carlyle Group and Cerberus Capital Management. The sale, subject to the usual conditions and regulatory approvals, is expected to close within six months.