General Dynamics, the US defence group and maker of Gulfstream business jets, is taking over the Zurich-based Jet Aviation for SFr2.45bn ($2.24bn).

Jet Aviation is one of the world’s leading business aviation services groups with operations in Europe, the Middle East, Asia and North and South America. It has been owned for the last three years by Permira, the private equity group, which acquired it from the Hirschmann family.