General Dynamics has reached an agreement to acquire Galaxy Aerospace for $330 million in cash. When the transaction closes – expected at the end of June – Galaxy will become part of General Dynamics’ Aerospace group, which includes Gulfstream Aerospace.

General Dynamics chairman and ceo Nicholas Chabraja said: “This acquisition increases our revenue base for service, parts and refurbishment since Galaxy supports a worldwide fleet of more than 400 business jets, including previous Israel Aircraft Industries-built business jets such as the Westwind series.”

Concurrent with the transaction, Executive Jet has placed an order for 50 Galaxy aircraft to be delivered over the next five years, with options for 50 more for its NetJets fractional ownership programme. Total value of the order, options and maintenance services, is approximately $2 billion.