Flexjet, Inc. has entered a definitive business combination agreement with Horizon Acquisition Corporation II that will result in Flexjet becoming a publicly listed company. Following the transaction valued at $3.1 billion, Flexjet is expected to be listed on the NYSE under the ticker symbol “FXJ”.
The boards of directors for both Flexjet and Horizon have approved the proposed business combination, which is expected to be completed in the second quarter of 2023, subject to shareholder approvals and other customary closing conditions, as well as successful completion of the pending solicitation of shareholders to extend Horizon’s period to complete a business combination transaction.
“Having capital and currency will position us to expand market share at an accelerated pace in an opportunistic environment,” Chairman of Flexjet Kenneth Ricci said. “We will parlay our existing profitability and use that as a launch pad to accelerate our growth into the next chapter. We are making this decision at a time when we believe the marketplace is expanding at a more aggressive rate. Additionally, the collective infrastructure necessary to operate this model would be very difficult to replicate. Accumulating the aircraft, customer base, global infrastructure, technology, and most importantly, the culture, would take years, if not decades.”
Flexjet utilizes various branded storefronts to reach private jet users and target specific private flying needs. The different storefronts include: Flexjet, which focuses on fractional jet ownership and leasing; Sentient Jet, which focuses on jet cards; FXAIR and PrivateFly, which offer on-demand charter programs; as well as Sirio, which focuses on full aircraft ownership.
Flexjet’s distinctive business model, innovative and unique service delivery, proven subscription-based model with consistent profitability, and world-class management team, set it apart from its private aviation industry peers, the company said in a statement. The company’s global reach consists of 3,100 employees, including 1,000 nonunion pilots and 450 licensed maintenance technicians across nine office locations in the United States, United Kingdom, and Italy.
“Flexjet’s global presence, aircraft network, and proprietary technology have established the Company as a category leader in private aviation,” CEO, CFO, and Chairman of Horizon Todd Boehly said. “Eldridge has a long-tenured partnership with this world-class management team and believe that the scale and breadth of Flexjet’s solutions will enable it to continue to capture share in a large and accelerating market. I’ve known Kenn and the team for nearly a decade, and their ability to profitably grow Flexjet to what is estimated to be over $2 billion in revenue through an unrivaled product offering and desirable subscription-based business model sets the team apart. We believe this transaction provides Flexjet with ample capital to execute Flexjet’s long-term vision, the ability to continue to serve its loyal customer base, and positions the company for success in the public markets.”
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