Dubai’s Vista Global agrees to buy Uber-style private jet booker

Updated 10 April 2019
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Dubai’s Vista Global agrees to buy Uber-style private jet booker

  • Equity swap expected to close by second quarter
  • Vista competes with Warren Buffett's NetJets

LONDON: Dubai-based Vista Global has agreed to buy JetSmarter which allows well-heeled travelers to book private jets on demand.
Vista Global, headquartered at the Dubai International Financial Center and run by the Swiss billionaire Thomas Flohr, is acquiring the US company for an undisclosed sum.
He said: “Customers today want speed, reliability and value, which in today’s world is only possible with technology.”
The acquisition underscores a trend of moving away from private jet ownership globally as more people choose to buy flying hours instead.
The Middle East has traditionally been a strong market for private jet operators with the Dubai Airshow a popular parade ring for planemakers and private jet charter companies.
But a regional economic slowdown, especially in the oil and gas sector, has hurt underlying demand for private jet services.
Founded in 2012, JetSmarter had planned to IPO and was valued at $1.6 billion just three years ago, but has since faced tough trading.
The equity swap deal is expected to complete in the second quarter of 2019 and it means that JetSmarter investors that include Clearlake Capital and Jefferies Financial Group will now become investors in Vista Global.
Vista competes with NetJets, part of Warren Buffett’s Berkshire Hathaway empire.


Nissan to cut global production by 15 percent

Updated 28 min 48 sec ago
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Nissan to cut global production by 15 percent

  • Nissan aims to produce about 4.6 million units in fiscal 2019
  • Nissan was not immediately available for comment

Nissan Motor Co. Ltd. will cut global production by about 15 percent for the current fiscal year ending March 2020, as it shifts away from the aggressive expansion campaign promoted by former Chairman Carlos Ghosn, the Nikkei newspaper reported on Friday.
That would be the steepest production cut in more than a decade by the Japanese automaker, as it battles weak sales in overseas markets including the United States where it plans to scale back sales operations, the Nikkei reported.
Nissan aims to produce about 4.6 million units in fiscal 2019, the Nikkei said, citing plans being communicated to the automaker’s suppliers. The move is likely to impact earnings and could cast a pall over Nissan’s alliance with French automaker Renault SA, the Nikkei reported, without elaborating.
Earlier this year, Nissan, which has been battling falling sales, lowered its operating profit forecast for the current fiscal year to 450 billion yen ($4 billion), 22 percent lower than a year earlier. It would be Nissan’s lowest profit since 2013.
Nissan was not immediately available for comment when contacted by Reuters.
Shares in Nissan, mired in a financial misconduct scandal involving Ghosn and the company itself, were trading down 1.2 percent early on Friday, versus a 0.6 percent rise in the broader market.