flyExclusive Acquiring Jet.AI Aviation Business
Private aviation operator flyExclusive is acquiring the aviation operations of Jet.AI. This will include five aircraft and related customers.
The combination is structured as an all-stock transaction and a key condition is that flyExclusive will receive net cash of at least $12 million.
Aircraft & Customers
The acquisition includes three HondaJets, one Citation CJ4 and a King Air 350i aircraft which are either leased or managed, and all aircraft will be moved to the flyExclusive operating certificate.
flyExclusive says that there are "roughly 25 jet card customers and an undisclosed number of charter and fractional customers” that will move as part of this deal.
flyExclusive’s Founder and Chief Executive Officer, Jim Segrave noted “The proposed transaction with Jet.AI is the latest example of the value flyExclusive’s vertically integrated private aviation platform provides to industry participants. The transaction benefits flyExclusive investors and will augment our continued growth and market share expansion as an industry leader. Additional growth capital and new shareholders provide an early tailwind in 2025 as we onboard additional high-performance aircraft and serve strong demand for our differentiated customer service.”
Just last September, flyExclusive entered into a deal to manage the aircraft fleet for Volato and to potentially acquire the operating business. That deal brought 13 fully fractionalized HondaJet aircraft, 8 leased HondaJet aircraft and 4 managed aircraft, plus approximately 184 fractional customers and 265 jet card customers.
flyExclusive is already one of the world’s largest operators of Cessna Citation aircraft, with a total of approximately 100 jets, ranging from light to large cabin sizes. As a result, it is very familiar with the aircraft it is acquiring as part of this Jet.AI deal.
Jet.AI
Jet.AI was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA. It’s business is in two segments, aviation software and aviation operations. After flyExclusive acquires the aviation operations, it will leave Jet.AI to focus as a pure-play AI solutions company. In other words, JetAI's technology will be a separate business and is not being acquired by FlyExclusive.
All JetAI employees will stay with JetAI to support their pure play technology strategy.
"This business combination with flyExclusive offers our shareholders the opportunity to benefit from growth in both private aviation and AI," said Jet.AI Founder and Executive Chairman Mike Winston. "flyExclusive, the fifth-largest operator in the industry by hours flown, is a natural fit, with clear synergies given the common aircraft we operate.”
The transaction is expected to close in the second quarter of 2025
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