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flyExclusive to Acquire Jet.AI’s Aviation Business in Strategic Expansion

February 14, 2025 No comments yet

flyExclusive (NYSE American: FLYX), a leading provider of premium jet charter experiences, has entered into a definitive agreement to acquire the aviation business of Jet.AI (NASDAQ: JTAI). The deal will allow flyExclusive to expand its fleet and market presence while enabling Jet.AI to transition into a pure-play AI solutions company.

Under the terms of the transaction, Jet.AI will spin off its aviation business into a newly formed entity (“SpinCo”), which flyExclusive will subsequently acquire. Jet.AI shareholders will retain their existing stock and receive new Class A common shares in flyExclusive, adding trading liquidity and growth capital to the company.

This acquisition aligns with flyExclusive’s strategic growth plans for 2025, leveraging its existing Textron Aviation and HondaJet operations. Jim Segrave, Founder and CEO of flyExclusive, emphasized the significance of the deal, stating, “This transaction strengthens flyExclusive’s position as a leader in private aviation, providing us with additional growth capital and market expansion opportunities.”

Jet.AI’s Founder and Executive Chairman, Mike Winston, highlighted the mutual benefits of the deal, noting that “flyExclusive is the fifth-largest operator in the industry by flight hours, making this a natural fit with clear synergies between our fleets.”

Transaction Details

  • Structure: The acquisition will be an all-stock transaction, with the purchase price determined by Jet.AI’s Net Cash and an applicable premium percentage of 115% to 120%.
  • Financing: Jet.AI has secured a $50 million non-binding term sheet with Hexstone Capital LP to meet financing conditions.
  • Closing Timeline: The transaction is expected to close in Q2 2025, pending regulatory approvals and shareholder consent.

This deal marks a significant step for both companies, solidifying flyExclusive’s expansion and enabling Jet.AI to focus solely on AI-driven innovation.

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