Flexjet private aviation company merger with billionaire Todd Boehly’s SPAC Horizon Acquisition Corp.
Jump to heading Flexjet private aviation company merger with billionaire Todd Boehly’s SPAC Horizon Acquisition Corp.
Billionaire Todd Boehly, one of Chelsea Football Club's new owners, has agreed to partner up his special purpose acquisitions company, Horizon Acquisition Corp. II, with Flexjet.
According to a statement released Tuesday October 11th, the combined worth of Flexjet, which provides a private jet service to subscribers, and the SPAC will be around $3.1 billion, including debt.
Flexjet offers partial ownership, which allows clients to own and lease a part of a jet. As stated on its website, the company, led by Chairman Kenn Ricci, provides other products including full aircraft ownership, on-demand chartering, and an hourly prepaid program. It also arranges airport transfers using corporate aircrafts and helicopters.
According to Ricci, the transaction would provide Flexjet with the money it needs to rapidly grow its market share. Its services expanded dramatically during the 2020 pandemic; he stated in an interview.
During Covid, Flexjet experienced a big surge of frugal wealth — individuals who, for whatever reason, would not splurge money on the luxury of a private plane, the chairman explains. He claims they either didn't want their workers to know they were spending money, or perhaps they didn't want their children to become spoilt. Consequently, when it came to travelling safely or not travel at all, they opted to go private.
In 2023, the corporation expects to generate $2.3 billion in sales.
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(ENDI Corp. and its affiliated Registered Investment Advisors own a position in Horizon Acquisition Corp. II as of October 14, 2022.)
Tags: blank-check companies; SPACs; merger; trader deals; IPO; stock market; special purpose acquisitions; acquisitions companies; PIPE; public equity; financing; Flexjet; Horizon Acquisition Corp. II; Todd Boehly; Billionaire private jets; Kenn Ricci; stock sales; luxury aviation; chartered planes; COVID wealthy travel
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