Textron Friday closed on its acquisition of Beechcraft Corp. parent Beech Holdings, and said that with the deal complete it will combine Cessna, Beech and Hawker operations in a new segment—Textron Aviation—led by Cessna CEO Scott Ernest.

Beech CEO Bill Boisture will not continue on in the new company, a Beech spokesman confirmed.

“Cessna, Beechcraft and Hawker will each remain distinct brands to preserve their rich histories and respective strengths in the marketplace,” Textron said in a prepared statement March 14. “Cessna, Beechcraft and Hawker bring 200-plus years of combined aviation experience to the market and an installed customer base of more than 250,000 airplanes worldwide. Going forward, Textron Aviation intends to share and leverage best practices across all operations to further its position as an aviation authority.”

Textron said Ernest, Cessna’s President and CEO since 2011, will head Textron Aviation with the CEO title.

Under the terms of the transaction, Textron paid about $1.4 billion in cash for all outstanding equity interests in Beech Holdings. The company financed the equity purchase—along with repayment of Beechcraft’s working capital debt—through a combination of available cash, $600 million in senior notes and drawing $500 million under a new five-year term loan.

The Federal Trade Commission helped pave the way for the deal earlier this month when it agreed to an early termination of the requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Textron announced its Beechcraft acquisition plans on Dec. 26 with the hope of having the deal closed by midyear.

The acquisition marries two of the largest and most storied general aviation manufacturers — Beechcraft and Textron’s Cessna Aircraft unit. The original vision was for Cessna and Beechcraft to maintain separate identities, retain their branding and keep much of their senior leadership intact.

But from a financial standpoint, Textron will report them as a single entity, Textron Aviation.

Textron said earlier it anticipated generating $65 million in synergies in 2014 and up to $85 million over two-three years between the two companies, both from cost savings and potential business opportunities. Management expects the deal to add to earnings within two years.

“We expect the integration of Beechcraft and Cessna to be a seamless process that continues putting our customers first,” Ernest said in Friday’s statement. “Textron Aviation not only encompasses a world-class global customer service network and a strong portfolio of business and general aviation aircraft, but also a workforce with unparalleled industry expertise.”

The combined portfolio includes Citation and Hawker business jets, King Air twin-engine turboprops, Caravan single-engine utility turboprops all the iconic Cessna and Beech single-engine piston makes, as well as the Beech T-6 trainer and AT-6 light attack aircraft.

The deal also gives customers access to the combined global service network of the three brands.