flyExclusive Snaps Up Jet.AI's Aviation Business, Shares Fly Higher

flyExclusive Inc. FLYX, a provider of private jet charter services, has signed a definitive agreement to acquire Jet.AI Inc.‘s JTAI aviation business. This acquisition aligns with Jet.AI’s transition into a pure-play artificial intelligence company.

Jet.AI will spin off its aviation business into a newly formed entity, which flyExclusive will acquire as part of the all-stock transaction. Jet.AI shareholders will retain their existing stock and receive new Class A common shares in flyExclusive. The acquisition is subject to closing conditions outlined in the agreement.

The deal supports flyExclusive’s growth strategy, as both companies operate Textron Aviation and HondaJet aircraft. This mutually beneficial transaction enhances the strategic goals of both companies.

The applicable premium percentage paid for the aviation business will be between 115% and 120%, equivalent to a dollar value for now contemplated in the range of $12 million to $22 million, depending on the net cash value at the close of the transaction. To meet closing conditions, Jet.AI has secured a $50 million non-binding financing term sheet.

“This Business Combination with flyExclusive offers our shareholders the opportunity to benefit from growth in both private aviation and AI. flyExclusive, the fifth-largest operator in the industry by hours flown, is a natural fit, with clear synergies given the common aircraft we operate,” commented Jet.AI Founder and Executive Chairman Mike Winston.

The transaction is expected to close in the second quarter of 2025, pending financing, regulatory approvals, and shareholder consent.

Price Action: JTAI shares are trading higher by 153.9% at $6.55, and FLYX is up 7.03% at $3.586 at the last check Friday.

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