Vista Global Acquires XOJET, the Leading On Demand Business Aviation Company in North America With 43 Aircraft, Strengthening Its Global Presence With 115 Owned Business Jets
- Vista Global acquires XOJET’s fleet and commercial operations
- Acquisition of XOJET’s business aviation services reinforces Vista Global’s market position in North America
- Vista Global’s technology and worldwide reach to expedite growth at XOJET
- Vista Global’s asset lite solutions to fly point to point, anywhere, anytime, are now offered by two complementary market leading brands, VistaJet and XOJET
- XOJET accelerates Vista Global’s end to end coverage of business aviation solutions
NEW YORK, Sept. 20, 2018 (GLOBE NEWSWIRE) -- In a further move towards strengthening its lead in the fragmented and expanding business aviation market, Vista Global, the aviation group founded by Thomas Flohr, announces the acquisition of XOJET’s business aviation fleet and commercial operations. XOJET’s regulated air carrier will continue to be independently operated in a joint venture under U.S. control and leadership, in accordance with U.S. Department of Transportation criteria.
XOJET is the leading on demand private aviation platform in North America and its innovative model is unrivaled in the industry. XOJET’s four distinct membership programs serve the whole spectrum of business aviation needs on its owned fleet, whilst also providing its customers with additional flexible off-fleet alternatives. All of XOJET’s products are asset lite, a business model which is fully aligned with prevailing global macro trends and preferred by both corporates and UHNWIs.
True to its innovative culture, XOJET uses machine learning technology to drive its dynamic pricing, thereby offering extraordinary value to its members and on demand clients. With a fleet of 43 branded super-mid size business jets, XOJET has performed strongly in recent years. In the first half of 2018, the company saw its total revenue rise by 12%, while off-fleet business grew 22% in revenue.
The acquisition is a major strategic step forward for Vista Global, allowing the group to build on its existing global offering and to reinforce its already established position in North America, the largest business aviation market in the world.
XOJET’s fleet and commercial offerings (other than the U.S. controlled air carrier) will join Vista Global, the world’s most comprehensive business aviation group. Vista Global is the first group that has built the scale to offer global private flying solutions for all customers, setting a new benchmark in the industry. Following today’s announcement and upon closing of this strategic acquisition, Vista Global will have over 1,500 employees in 20 offices worldwide.
The Vista Global group is built on four pillars providing an all-encompassing service for consumers and trade:
- Guaranteed aircraft availability on its fleets, providing asset lite solutions to fly point to point anywhere, anytime;
- On demand global flight coverage;
- The very first worldwide aircraft leasing and financing service;
- The most cutting edge technology to support aviation companies’ customer services.
Vista Global’s Founder and Chairman Thomas Flohr said: “The journey started when I first saw an opportunity in the fragmented and inconsistent offering across the industry. Vista Global’s mission is to provide customer-centric solutions for every segment of business aviation and today’s announcement is a major step in that direction. This acquisition is the perfect addition to our global business. XOJET’s strength in North America and its reputation for offering great value perfectly complement VistaJet and the other businesses in the group.”
Bradley Stewart, Chairman & Chief Executive Officer of XOJET, said: “I am incredibly proud to be making today’s announcement, which will see our company become part of a fantastic family of brands. Becoming part of Vista Global will enable XOJET to achieve our dream of becoming a truly global business, providing us with the very best technology and infrastructure. I believe that Vista Global and XOJET are fundamentally aligned in our commitment to serving clients. I am looking forward to working with the Vista Global team and its companies in the future.”
Completion of the transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. There is no financing condition to the transaction. The transaction is currently expected to close in the fourth quarter of 2018. XOJET’s regulated air carrier will be operated in a joint venture under U.S. control and leadership, in accordance with U.S. Department of Transportation criteria.
Jefferies LLC is serving as exclusive financial advisor and Latham & Watkins LLP as principal legal advisor to Vista Global. Perella Weinberg Partners is acting as exclusive financial advisor to Mubadala Investment Company (“Mubadala”) and White & Case LLP is serving as principal legal advisor to Mubadala. Acquisition financing with non-recourse to the other three Vista Global businesses has been provided under the lead of J.P. Morgan, with Jefferies LLC.
About Vista Global Holding
Vista Global Holding is the world leader in business flight solutions. A global group headquartered at the DIFC in Dubai, Vista Global integrates a unique portfolio of companies offering asset lite solutions to cover all key aspects of business aviation: guaranteed and on demand global flight coverage; aircraft leasing and finance; and cutting edge aviation technology.
Founded by Thomas Flohr, the group’s mission is to further industrialize and consolidate the fragmented business aviation industry, and to lead the change to provide customers with the most advanced flying solutions and the very best value, anywhere, anytime around the globe. The group owns VistaJet, Vista Lease, TechX and at the closing of the transaction described herein, XOJET’s fleet and commercial operations. Vista Global’s knowledge and understanding of all facets of the industry deliver the best end-to-end offering, service and technology to any business aviation customer or platform.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/490501e2-795f-4566-b60b-06e014c21779
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
BrandSafway™ Announces Acquisition of Century Elevators22.2.2019 20:00:00 | Pressemelding
Enhances motorized access capabilities in industrial and commercial construction markets throughout the Gulf Coast and beyond Kennesaw, Georgia, USA, Feb. 22, 2019 (GLOBE NEWSWIRE) -- KENNESAW, Georgia; February 22, 2019 – In a move to expand its motorized capabilities and offer a full suite of access technologies throughout the Gulf Coast, Brand Safway is pleased to announce the acquisition of Century Elevators, effective February 22, 2019. The leading rack and pinion elevator specialist in North America, Century Elevators provides construction and industrial elevators, material hoists, and transport platforms in the Gulf Coast region and beyond. Century Elevators is also the exclusive distributor of PEGA Hoist Ltd. products throughout North America and Böcker Maschinenwerke GmbH (Boecker) equipment in the United States. “Century Elevators is a very welcome addition to BrandSafway,” said Dave Witsken, president of Energy and Industrial at BrandSafway. “With the outstanding experience
Open Compute Project Announces Updated Market Forecast22.2.2019 16:39:00 | Pressemelding
Open Source Foundation Exceeds 2018 Forecast for Non-Board Member Adoption, Tops $2.56 billion and expected to surpass $10 billion by 2022. Austin, Texas, Feb. 22, 2019 (GLOBE NEWSWIRE) -- The Open Compute Project Foundation (OCP) announces today the high level results of a follow up assessment of the market impact of the Open Compute Project worldwide. For a second year, OCP has engaged IHS Markit, a world leader in critical information, analytics and solutions, to determine the adoption and impact of OCP gear in the technology industry. Since its inception, OCP has worked to drive innovation in and around the data center industry, bringing together thousands of engineers from nearly two hundred member organizations. The demands on the modern datacenter continue to expand with the growth of IOT, security and edge computing, as well as increasing energy consumption requirements. IHS Markit interviewed OCP members, suppliers and service providers, as well as incorporated their own in-de
Magna Announces Fourth Quarter and 2018 Results and Raises Quarterly Cash Dividend by 11%22.2.2019 11:00:00 | Pressemelding
Fourth Quarter 2018 Highlights Record fourth quarter sales of $10.1 billion up 5% from the fourth quarter of 2017 Cash from operations of $1.6 billion Returned $585 million to shareholders through share repurchases and dividends Raised quarterly cash dividend by 11% to $0.365 per share Full Year 2018 Highlights Record sales of $40.8 billion, up 12% from 2017 Record diluted earnings per share of $6.61, an increase of 13% Record cash from operations of $3.7 billion Returned approximately $2.3 billion to shareholders through share repurchases and dividends AURORA, Ontario, Feb. 22, 2019 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2018. THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, 2018 2017 (2) 2018 2017 (2) Reported Sales $ 10,137 $ 9,684 $ 40,827 $ 36,588 Income from operations before income taxes $ 607 $ 765 $ 2,951 $ 2,985 Net income attributable to Magna International I
IMImobile announces integration of WhatsApp Business solution into its enterprise cloud communications platform IMIconnect22.2.2019 10:37:00 | Pressemelding
The WhatsApp Business solution will be made available across its enterprise cloud communications platform IMIconnect allowing businesses to launch business-to-consumer communications on WhatsApp LONDON, Feb. 22, 2019 (GLOBE NEWSWIRE) -- Global cloud communications software and solutions provider IMImobile PLC, today announced the integration of the WhatsApp Business solution into its enterprise cloud communications platform IMIconnect. The WhatsApp Business solution enables businesses to connect with over 1.5 billion users in a simple, reliable, and private way across 180 countries worldwide. As a WhatsApp Business solution provider, the IMIconnect platform will enable enterprises to seamlessly integrate the WhatsApp Business solution into their customer communications strategies, and drive engagement through intelligent and context-aware messaging. “We are excited to announce the integration of the WhatsApp Business solution today in our IMIconnect platform. We understand that today’s
Nordic Innovators Cloudstreet and Domos Partner to Deliver an End-to-End, Application-Aware 5G Experience to the Home22.2.2019 09:00:00 | Pressemelding
Cloudstreet’s carrier-grade API and Network Slicing platform with Domos’ Machine Learning Solution for home networks delivers intelligent connectivity out of the box Barcelona, Spain., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Finland’s Cloudstreet, the US-patented Network Slicing Company, and Norway’s Domos, a leader in Machine Learning technologies for the smart home, are pleased to announce that they have teamed up to create the industry’s first end-to-end, intelligent application and context-aware network slicing solution for home networks. The solution will be on display February 25-28 at the Mobile World Congress in Barcelona in Hall 5, stand 5C41. A perfect example of MWC’s aspirational theme, “Intelligent Connectivity”, the solution closes the loop on delivering a 5G experience to fixed wireless home networks. The combined technologies solve two key, last-mile problems that have plagued mobile-enabled home networks: 1) How to build application-awareness into the network without comprom
General Electric Company: Doc re. GE Files Form 8-K22.2.2019 08:00:00 | Pressemelding
FAIRFIELD, Conn., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Company General Electric Company ISIN US3696041033 Symbol London: GEC | Paris: GNE Headline Doc re: GE files Form 8-K February 21, 2019 On February 21, 2019, General Electric Company (the "Company") filed a Form 8-K with the U.S. Securities and Exchange Commission ("SEC"), which has been submitted to RNS. It is also available on the SEC's website at http://www.sec.gov and on the Company's website at https://www.ge.com/investor-relations/events-reports. http://www.rns-pdf.londonstockexchange.com/rns/8048Q_1-2019-2-21.pdf CONTACT: GE Jennifer Erickson +001 646 682 5620 email@example.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact firstname.lastname@example.org or visit