VistaJet Completes Skyjet Takeover
VistaJet became the second-largest business jet company outside of North America on Tuesday with the completion of the blockbuster deal that was among the highlights of the European Business Aviation Convention and Exhibition (EBACE) in May in Geneva. For an undisclosed amount, VistaJet acquired Bombardier Skyjet International. The EBACE announcement included a deal for 35 new Bombardier business jets, worth $1.2 billion and, in addition to the merger, will push VistaJet's fleet to 94 aircraft by 2012. The Skyjet brand name will be retained.
VistaJet CEO Bing Chen said customers of both companies will barely notice the change. "VistaJet remains committed to a seamless integration of operations and services for the benefit of our customers. Skyjet International's jet membership program perfectly complements our innovative Flight Solutions Program," he said. VistaJet is expecting a 50-percent increase in revenues this year and will fly about 80,000 hours a year by 2012.