LONDON (AFX) - Raytheon Company said it has completed the sale of its wholly owned subsidiary Raytheon Aircraft Company (RAC) to Hawker Beechcraft Inc., a new company formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners, for approximately 3.3 bln usd in cash. The sale was first announced in December 2006.
The transaction includes Raytheon Aircraft facilities and other assets in Kansas, Arkansas and Texas, as well as its Fixed Based Operations network across the United States, the United Kingdom and Mexico.
The company said it expects to use a portion of the after tax sale proceeds for the early retirement of approximately 1 bln usd of the company's debt, and for its stock repurchase program.
As previously announced, the board has, subject to the closing of the sale, authorized the early retirement of debt and an increase of 750 mln usd in the total authorization for the company's stock repurchase program.
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