flyExclusive Inc., a publicly traded provider of premium jet charter services, has reached a definitive agreement to acquire the aviation division of Jet.AI Inc., a private aviation and artificial intelligence company. The acquisition is part of Jet.AI's strategy to concentrate on AI solutions, with the aviation business being spun off into a new entity, “SpinCo,” before being acquired by flyExclusive. Jet.AI shareholders will retain their stock while also receiving Class A common shares in flyExclusive as part of the transaction, which remains subject to closing conditions.
The deal aligns well with flyExclusive's growth plans, particularly as both companies operate aircraft from Textron Aviation and HondaJet. By acquiring Jet.AI's aviation assets, flyExclusive aims to strengthen its position in the private aviation sector while supporting its expansion goals for 2025. The company, already a major player in private aviation, expects to gain additional capital and improve shareholder liquidity through this transaction. Meanwhile, Jet.AI will sharpen its focus as a specialised AI solutions provider.
Jim Segrave, the founder and CEO of flyExclusive, highlighted the benefits of the transaction, stating that it enhances the company's vertically integrated private aviation platform, bolsters market share and provides capital to support further fleet expansion. Mike Winston, the founder and executive chairman of Jet.AI, echoed this sentiment, describing the deal as a natural fit given the synergies between the two companies, particularly their shared aircraft models.
The transaction is structured as an all-stock deal, with Jet.AI's charter business being spun into SpinCo before its acquisition by flyExclusive.
