December 4, 2024
A day after announcing an agreement to acquire Air Hamburg, a spokesperson for Vista Global Holding tells Private Jet Card Comparisons there are no plans for a SPAC-based initial public offering.
Last June, Bloomberg reported Dubai-based Vista was in talks to go public via merging with a Special Purpose Acquisition Company. It said the value would have been more than $10 billion.
Last month, the parent of VistaJet and XO saw upgrades from two Moody’s and Fitch. 2021 revenues increased by $700 million to $1.6 billion.
On January 20, Vista Global successfully priced an offering of $1 billion of Senior Unsecured Notes. The notes are due 2030 by two of its subsidiaries, VistaJet Malta Finance PLC and XO Management Holding, Inc.
“The accelerated completion and upsizing of our unsecured bond are transformational, demonstrating the clear and strong investor confidence in Vista and providing us with a strong platform to deliver our exciting vision and ambitions,” said Vista Chairman Thomas Flohr at the time.
A spokesperson now tells Private Jet Card Comparisons, “We have no plan to merge with a SPAC. We’re a privately held company and just placed a pricing of $1 billion of 6.375% Senior Unsecured Notes that was more than five times oversubscribed. That’s the continued plan for the company.”
We recently reported discussions to acquire Jet Edge. However, the spokesperson said, “As you know, we don’t comment on rumors or market speculation, and on acquisitions. We have been concentrating on this deal with Air Hamburg.”
A deal with the seventh-largest U.S. charter operator would add 95 super-midsize and large-cabin jets. Air Hamburg will bring 44 private jets, expanding the Vista Global fleet to around 240 aircraft.
So far, there have been four M&A deals announced this year, including two by rival Wheels Up Experience.
More record flying is forecast in 2022, OEMs are limiting production increases, and used aircraft inventory is at record lows. That is spurring providers offering guaranteed availability jet cards to expand fleets through acquisitions of other operators.
Just released research with Private Jet Card Comparisons subscribers shows 92% will fly more or the same as in 2021. Only 9% plan to fly less.
Of 44% who said they had experienced delays and cancelations, 41% said providers moved departure time after they booked, while 30% said providers couldn’t accommodate their requested departure time.
43% said program and policy changes implemented by jet companies are causing them to consider other providers.
After the Air Hamburg deal, Flohr told Corporate Jet Investor, “It is great to be going back to our roots, but we are also looking elsewhere.”
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