Dubai private jet operator in talks to go public via SPAC

Dubai private jet operator in talks to go public via SPAC
In 2019, Vista Global acquired JetSmarter, which allows travelers to book private jets on demand.
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Updated 10 June 2021

Dubai private jet operator in talks to go public via SPAC

Dubai private jet operator in talks to go public via SPAC
  • Deal could value company at $10 billion

DUBAI: Vista Global Holding Ltd., the Dubai-based private jet company founded by Swiss billionaire Thomas Flohr, is in discussions to go public through a merger with a special purpose acquisition company (SPAC), Bloomberg reported citing people familiar with the matter.

A transaction could value Vista at more than $10 billion including debt, said the people, who asked not to be identified due to information confidentiality.

The company forecasts revenues in 2021 of about $450 million before interest, taxes, depreciation and amortization, one of the people said.

Terms of the potential deal haven’t been finalized and the identity of the blank-check firm couldn’t immediately be ascertained.

Vista was founded by Flohr with just three planes in 2004. The company, which has partnered with Bombardier for its jets, now has a fleet of more than 70 aircraft.

In 2019, Vista, which is headquartered at the Dubai International Financial Center, acquired JetSmarter which allows travelers to book private jets on demand, reflecting a trend of moving away from private jet ownership globally as more people choose to buy flying hours instead.