Vista Global Holding Ltd., a private aviation provider that competes with Warren Buffett’s NetJets, is in talks to go public through a merger with a specialist acquisition company, people familiar with the matter say.
One transaction could value Vista at more than $ 10 billion, including debt, said the people, who asked not to be identified because the information is private.
The company forecast 2021 earnings before interest, taxes, depreciation and amortization of about $ 450 million, a person briefed on the matter said. The terms of a potential deal were not finalized and the identity of the blank check company in talks with Vista could not immediately be known.
The president and majority owner of Vista is Swiss billionaire Thomas Flohr, who started in 2004 with just three planes. Its activity revolves around VistaJet, which has a fleet of more … than 70 planes adorned with the firm’s silver and red livery, according to its website. Capital of the Rhône invested in the private jet company in 2017 for a valuation of more than 2.5 billion dollars.
Vista based in Dubai in 2019 agreed to buy its US rival JetSmarter as part of a deal that gave Clearlake Capital and Jefferies Financial Group Inc. owns an interest in the amalgamated company. He accepted acquire XOJET in 2018, Red Wing Aviation in 2020 and Apollo Jets in March to add customers and new services.
A Vista listing could benefit from the growing interest in private jets amid the pandemic as the wealthy continue to travel while minimizing potentially risky contact with others. Yet PSPC transaction volume has slowed from record levels due to funding arrears and an oversupply of these vehicles.
Representatives for Vista, Clearlake, Rhone and Jefferies declined to comment.
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Vista announced in April that it had received the first of two Global 7500 jets, which it describes as the larger and longer-range business jet. It also ordered ten Challenger 350 aircraft from Bombardier Inc. amid “growing and urgent demand” from business travelers.
The company has teamed up with athletes such as golfer Phil Mickelson and Formula 1 drivers Charles Leclerc and Carlos Sainz to attract a high-end clientele.
Another private jet operator, Wheels Up Partners Holdings LLC, agreed in February to go public through a merge with Aspirational Consumer Lifestyle Corp., a Singapore-based SPAC.