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The leading rival to the Warren Buffett-backed NetJets is planning to go public in a SPAC deal led by Todd Boehly, the US financier who owns the Chelsea football and Los Angeles Dodgers baseball clubs. (Subscription Required) (Source: The Financial Times)
Directional Aviation will combine its OneSky Flight unit, which includes fractional share operator Flexjet, jet card seller Sentient Jet, two on-demand charter brokers, aircraft management and maintenance, with Forbes 400 lister Todd Boehly’s ($5.3 billion, ranked 184) Horizon Acquisition Corporation II (NYSE: HZON) (Source: Forbes)
Flexjet, a large competitor to Warren Buffett’s subscription-based private aviation company NetJets, is raising cash and becoming a publicly traded company. The deal values Flexjet stock at about $2.6 billion, based on the roughly 263 million shares that will be outstanding after the transaction closes. (Source: Barron’s)
Private jet service Flexjet is planning to merge with Todd Boehly’s blank-check firm Horizon Acquisition Corp. II (HZON.N), it said on Tuesday, in a deal that will value the combined company at $3.1 billion, including debt. The deal is expected to close in the second quarter of next year. The proceeds would be used to fund fleet, program and geographic expansion as well as to improve maintenance support facilities and private terminals. (Source: Reuters)
Kenn Ricci, the founder of Directional Aviation, is arguably the most successful business aviation investor ever. Now he is planning to take Flexjet, the fractional jet company, public. He launched his Zanite SPAC with a long-term partner and he is doing the same again. Flexjet will trade with the ticker: FXJ and join Wheels Up (NYSE: UP) on the exchange. (Source: Corporate Jet Investor)
Horizon Acquisition Corp. II, a blank-check company started by billionaire Todd Boehly — one of the new owners of Chelsea Football Club — has agreed to merge with Flexjet. The deal will give Flexjet the capital to expand its market share at an accelerated pace, according to Ricci. (Source: Bloomberg)
Directional Aviation will combine its OneSky Flight unit, which includes fractional share operator Flexjet, jet ticket vendor Sentient Jet, two on-demand charter brokers, aircraft management and maintenance, with TSWT 400-lister Todd Boehly’s ($5.3 billion, ranked 184) Horizon Acquisition Corporation II (NYSE: HZON) SPAC. (Source: The Switzerland Times)
Directional Aviation’s OneSky Flight group, which includes Flexjet, Sentient Jet, and FXAir is planning an IPO. (Source: Private Jet Card Comparisons)
Flexjet Chairman Kenn Ricci tells Bloomberg’s Thomas Black the “frugal wealthy,’’ as Ricci dubs the newcomers to private aviation, will stick around, elevating the customer base over the long term even if the economy stumbles. (Source: Bloomberg)
Flexjet has agreed to merge with Todd Boehly’s Horizon SPAC. The company will have a combined valuation of about $3.1 billion. Watch the interview with Flexjet Chairman Kenn Ricci and Horizon’s Todd Boehly. (Source: Bloomberg Markets)
