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.