Business Aviation News

Flexjet Terminates Plan to Go Public

Flexjet Terminates Plan to Go Public

Flexjet said it will no longer be going public through a combination with special purpose acquisition company (SPAC) Horizon Acquisition Corporation II. The exact reasons for the termination of the deal have not been disclosed.

As a result, Flexjet will pay a termination payment of about USD$30 million to Horizon. Horizon Acquisition Corp II shares gained 12% in aftermarket trading on Tuesday following the announcement. 

Flexjet agreed to go public with Horizon in October 2022. The two companies entered into a business combination agreement with the expectation that the transaction would conclude by mid-2023 and help fund fleet, program, and geographic expansion.

Flexjet Chairman Kenn Ricci said the decision is “in the best interests” of aircraft owners, employees, and other stakeholders. The fractional jet ownership and leasing company will continue with its growth plans despite the termination.

“We are glad that Flexjet and Horizon were able to agree to the termination in a manner that is fair,” said Todd Boehly, Chairman and CEO of Eldridge and Chairman, CEO, and CFO of Horizon.

Ricci stressed that the termination will have no impact on the growth initiatives that the company launched during the past several years.

“We will remain nimble and alter course if necessary to ensure we are always doing what is truly in the best interest of our business. Nobody is better positioned to meet the needs of an expanding global private aviation market as is Flexjet,” Ricci said.

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