Flexjet plans to become public company in 2023

US fractional business-aircraft ownership company Flexjet has jumped on the go-public bandwagon, revealing plans to sell public shares by merging with a “special purpose acquisition company” (SPAC). Cleveland-based Flexjet intends to merge with public firm Horizon Acquisition in the second quarter of 2023, emerging as a public company valued at $2.6b, it said on 11 October. Flexjet says proceeds from the deal will leave it with capital needed to expand in the red-hot business aviation market. “Transaction proceeds are expected to fund fleet, programme and geographic expansion, as well as significant infrastructure expansion, including maintenance-support facilities and private terminals,” Flexjet says. Flexjet operates a fractional-aircraft ownership business and related enterprises, including an aircraft-leasing division. Its fleet includes some 250 aircraft, including Bombardier Challengers, Gulfstream G450s and G650s, and Embraer Phenoms, Legacys and Praetors, according to Cirium fleets data. Flexjet turned a $52.9m profit in 2021, down from $66.2m in 2020, and anticipates generating $2.3b in 2022 revenue, according to an investor report. The business-aviation market enjoyed unprecedented growth in recent years – a period characterised by broad economic expansion and easy access to cash. More recently, however, demand for business jets has flattened amid a wide economic slowdown. Flexjet remains bullish. <br/>