Jet Aviation's Ownership Changes

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Jet Aviation, one of the world's leading business aviation service companies, this week announced the Permira Funds has agreed to acquire the majority of its parent, Hirschmann-/Jet Aviation Group. Details about the transaction, including its size, were not disclosed. Jet Aviation, based in Zurich, was founded in 1967. Today, it boasts more than 3,500 personnel in over 60 facilities and stations around the world. The company provides maintenance, completions and engineering services, fixed base operations, airline handling, and aircraft sales, charter, and management from those locations; it also operates an aircraft management and charter fleet of more than 160 aircraft in Europe, Asia, the Middle East and the U.S. Permira is a leading international private equity specialist based in Frankfurt, London, Madrid, Milan, New York, Paris and Stockholm. The Permira Funds has an investor base comprising principally public and corporate pension funds and other institutions. “With the acquisition by the Permira Funds, Jet Aviation will continue to maintain its leading position in the business aviation service industry and be able to strategically expand into new markets to better serve our customers around the world,” says Prof. Wolf-R diger Bub, chairman of the Hirschmann-/Jet Aviation Group. “Jet Aviation is an extremely well positioned company and an attractive investment for the Permira Funds. We look forward to working with management and employees to continue the company’s success,” added Thomas Krenz, managing director of Permira in Frankfurt. The proposed deal is subject to antitrust approval; the parties expect it to be concluded by the end of September 2005.