Vista Global, a private jet firm, disclosed that it has agreed to purchase JetSmarter. The firm stated that the value of JetSmarter’s technology might overshadow the disputes and charges that are still dogging the firm. At present, the terms as well as the price of the deal are not disclosed.
The agreement, once finalized, is supposed to be an equity swap. In this deal, JetSmarter investors will receive equity in Vista Global. Vista proclaimed that it plans to incorporate digital booking technology from JetSmarter. Reportedly, this technology will let customers to effortlessly book a private jet using an app, into its Vista Lease, VistaJet, and XOJET private airplane brands. Thomas Flohr, Chairman and Founder, Vista Global, proclaimed that the firm’s reach and infrastructure are supposed to take JetSmarter to the international stage to completely realize its potential. However, the deal will also burden Vista with JetSmarter’s legal conflicts and controversies.
On a similar note, JetSmarter came into the news as it disclosed that it has finalized a deal to settle allegations made by a few of its members. The JetSmarter members had blamed that the firm was engaged in deceptive and unfair practices, as per the settlement notice. The private jet firm once had over 8,000 members and a self-stated valuation of more than $1 Billion. The firm has been the target of over a dozen charges and claims from members who say it failed to deliver services assured in their memberships.
JetSmarter was the topic of a CNBC inquiry that also raised questions regarding its security procedures and passengers. Reportedly, the deal is in the initial stage and is still subject to a concluding approval hearing in June 2019. Over 10,000 of the company’s present and former members might be eligible for participation as a class member.