Seeking to tap into demand for private jet chartering, a consortium led by Singapore-based RRJ Capital, one of the largest private equity firms based in Asia, is finalising an agreement to buy more than USD600 million of convertible preference shares in VistaJet Group Holding, Bloomberg reports citing insiders familiar with the matter.
The sources, who asked not to be identified because the talks were private, said the deal is expected to be finalised in the next few weeks.
They said the consortium members could convert their holdings into ordinary shares when VistaJet goes public, which is expected within the next three years.
VistaJet, a private charter and business jet provider established in 2004 by Thomas Flohr, plans to use capital from the share sale to reduce its USD4 billion debt burden ahead of an initial public offering (IPO). The specific IPO venue is yet to be determined.
ch-aviation has contacted VistaJet Group Holding for comment.
According to the ch-aviation fleets module, VistaJet (Malta) (VJT, Malta International) operates 98 aircraft. The group also has an AOC in Germany, VistaJet (Germany), and partners with local operators in the US grouped under the Vista America brand. In total, VistaJet operates around 360 aircraft worldwide.
RRJ Capital was founded in March 2011 by chairman and CEO Richard Ong. The company manages about USD16 billion of long-term capital, with portfolio companies based in Asia Pacific, Europe, and the United States in industries including healthcare, finance, technology, and logistics.
