Jet Aviation, a subsidiary of General Dynamics, said the planned acquisition is part of the Swiss company's plans to expand its presences across Asia-Pacific and the Middle East.
"The acquisition of Hawker Pacific represents a significant step in expanding our footprint, capability and customer offer across Asia-Pacific and the Middle East," said Rob Smith, president of Jet Aviation.
"Hawker Pacific has a wide range of services including civil MRO, fleet services, FBO network and aircraft sales, enabling Jet Aviation to further expand its current portfolio, enter new markets, and reinforce the company’s position as one of the world’s leading business aviation service providers."
Alan Smith, CEO of Hawker Pacific, said the acquisition will create a new leader in the aviation sector.
"We believe the company’s acquisition by Jet Aviation represents an excellent outcome for Hawker Pacific’s investors, employees and customers," said Smith. "It builds on our strong values and passion for exceeding our customer’s expectations and I, on behalf of the management, am confident that the combination of the two companies will create a clear leader in the aviation space."
Completion of the transaction, which will be the largest sale of an independent business aviation company in Asia-Pacific, is subject to customary closing conditions and is expected to be completed by the end of May.
Hawker Pacific, founded in 1978, has four main operating bases in Australia in Sydney, Brisbane, Cairns and Perth.