Additional details on the Raytheon Company's sale of its Raytheon Aircraft Company (RAC) subsidiary -- including the Beechcraft and Hawker business aircraft lines -- to a new company formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners began to emerge over the holidays. First announced on Dec. 21, the $3.3 billion deal -- which remains subject to various government oversight and approvals -- will not include Raytheon's fractional operation, Flight Options, or Raytheon Airline Aviation Services (RAAS), but does include the Raytheon Aircraft Services FBO network. The new company's name will be Hawker Beechcraft. The details on the sale are not expected to be complete until sometime during the first half of 2007, according to Raytheon, which also said its net proceeds will be somewhere in the neighborhood of $2.5 billion.
According to published reports quoting Onex managing director Nigel Wright, the new owners do not have plans to relocate existing aircraft production, there are no plans to move production of any of RAC's aircraft lines and RAC's existing management will remain. In addition, a separate three-year agreement between Raytheon and Hawker Beechcraft will be put into place to help ensure a seamless transition period and continue operations as they have been.