FlyExclusive Acquires Jet.AI’s Aviation Business

FlyExclusive (JRE, Kinston) has entered into a definitive agreement to acquire the aviation business of Jet.AI in an all-stock transaction, marking a strategic pivot as Jet.AI shifts its focus solely to its AI solutions business. This transaction is expected to play a key role in supporting FlyExclusive’s ambitious 2025 growth plans, while simultaneously unlocking additional growth capital and enhanced shareholder liquidity.

According to a statement from FlyExclusive, the combination is a natural fit given that both companies currently operate fleets featuring aircraft from Textron Aviation and Honda Aircraft. The deal will enable FlyExclusive to integrate Jet.AI’s aviation assets seamlessly into its expanding operations. In a mutually beneficial move, Jet.AI will spin off its aviation division into a new company, SpinCo, which will then be acquired by FlyExclusive. Under the terms of the agreement, existing Jet.AI shareholders will retain their holdings and receive Class A shares in FlyExclusive.

The acquisition will be executed entirely with FlyExclusive shares. The net value of the deal will be determined by Jet.AI’s available net cash, with an applicable premium in the range of 115-120%. A key condition is that Jet.AI must maintain a minimum net cash balance of at least USD12 million, inclusive of deposits held by Textron Aviation. To further secure the transaction and meet its ongoing financing needs, Jet.AI has signed a non-binding term sheet worth USD50 million with Hexstone Capital.

The closing of the transaction is anticipated in the second quarter of 2025, subject to the fulfillment of all specified conditions. Once finalized, the merger will bring together FlyExclusive’s current fleet and the additional aircraft from Jet.AI, creating a unified charter and management fleet under a single Part 135 certificate.

FlyExclusive’s fleet currently consists of 90 aircraft, predominantly manufactured by Textron Aviation. This diverse fleet includes 34 Citation Excels and 15 Citation Jet 3s, along with a Challenger 300, two Challenger 350s, two GIV-SPs, and eleven HA-420s. As part of the merger, Jet.AI’s aviation assets—comprising five Citations and HondaJets under leased or managed contracts—will eventually transition to FlyExclusive’s operational certificate. This integration is expected to streamline operations and offer a single, coherent fleet solution for its clients.

Jet.AI, operating its charter fleet under the certificate of Great Western Air and trading as Cirrus Aviation Services, brings a broader portfolio of 26 aircraft into the deal. This portfolio includes eight Bombardier Business Aircraft Challengers, three Citations of various models, two G550s, four Hawker 900XPs, three HA-420s, and five Learjets. In late 2024, Cirrus Aviation Services also launched pre-sales of its Citation Jet 4 Gen2 fractional ownership programme, highlighting the operator’s ongoing innovation in the charter market.

This strategic acquisition not only strengthens FlyExclusive’s fleet but also underscores its commitment to offering tailored aviation solutions while maintaining a boutique approach. By integrating Jet.AI’s assets, FlyExclusive is set to enhance its market presence, streamline operations, and better serve its diverse clientele in a competitive aviation landscape.

Related News : https://airguide.info/?s=FlyExclusive

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com