Onex Corp. announced on Thursday morning that it is joining with GS Capital Partners, an affiliate of Goldman Sachs, to acquire Wichita-based Raytheon Aircraft Company for $3.3 billion. The deal will be completed by Hawker Beechcraft Corp., a newly formed joint venture between Onex and GS Capital Partners. The equity investment of approximately $1.06 billion will be split equally between Onex and GS Capital Partners, with Onex's share of the investment to be made by Onex Partners, a large-cap private equity fund. The deal -- expected to be completed by mid-2007, pending regulatory approvals -- includes Raytheon Aircraft's manufacturing plants in Wichita and Salina, Kan.; completion center in Little Rock, Ark., and all of the Raytheon Aircraft Services facilities. Not included in the sale is fractional provider Flight Options and Raytheon Airline Aviation Services. "We believe strongly in the future growth of the business aviation sector, as new demand in Europe and Asia adds to strength in North America," said Onex Managing Director Nigel Wright. "The Hawker, King Air, and Beechcraft brands are recognized leaders in business aviation." Hinting that the current management structure would stay in place at Raytheon Aircraft, Wright added, "We believe that the company's management team, lead by its CEO Jim Schuster, can build on that strength and create additional value through operational improvements."