Hongkong Corporate Jet Management Ltd says it has made a formal offer to purchase Asia Jet Partners Ltd and a Letter of Intent (LOI) has been signed between the parties. In the proposed agreement, Hong Kong Jet (Hong Kong Chek Lap Kok) would acquire Asia Jet (Hong Kong Chek Lap Kok) together with its Shanghai-based subsidiary, Asia Jet Partners (Shanghai) ltd, and its joint venture business unit, Asia Jet Partners (Malaysia) Bhd. The Malaysian JV partner is Berjaya Vacation Club Berhad, itself a subsidiary of publically-traded Berjaya Corporation Berhad.
The acquisition will strengthen the position of both companies, expanding their collective service offering while lowering costs through greater economies of scale. Together, the merged firm will also be able to offer prospective client the chance to charter aircraft registered in any of the United States, Bermuda or Hong Kong.
Asia Jet was founded in 2008 and currently operates various corporate jets including Cessna (single turboprop) 208B Grand Caravans, Finmeccanica Helicopters AW139s, Gulfstream G150s, Gulfstream G200s, Gulfstream G280s, Gulfstream IVs, Gulfstream G650ERs, Hawker 850XP/900s, Cessna 680 Citations, Falcon 900s, Embraer Legacies, and A319CJs. For its part, Hong Kong Jet was founded in 2009 and is a unit of China's HNA Group operating A318CJs, A319CJs, and a VIP-configured A330-200. It holds AOCs in Hong Kong and Bermuda.
With the due diligence process complete and with no further changes anticipated, the firms expect the transaction to close by the end of the current quarter. Once completed, the two firms will be rebranded under a single brand but will continue to operate as two separate entities.
ch aviation
The acquisition will strengthen the position of both companies, expanding their collective service offering while lowering costs through greater economies of scale. Together, the merged firm will also be able to offer prospective client the chance to charter aircraft registered in any of the United States, Bermuda or Hong Kong.
Asia Jet was founded in 2008 and currently operates various corporate jets including Cessna (single turboprop) 208B Grand Caravans, Finmeccanica Helicopters AW139s, Gulfstream G150s, Gulfstream G200s, Gulfstream G280s, Gulfstream IVs, Gulfstream G650ERs, Hawker 850XP/900s, Cessna 680 Citations, Falcon 900s, Embraer Legacies, and A319CJs. For its part, Hong Kong Jet was founded in 2009 and is a unit of China's HNA Group operating A318CJs, A319CJs, and a VIP-configured A330-200. It holds AOCs in Hong Kong and Bermuda.
With the due diligence process complete and with no further changes anticipated, the firms expect the transaction to close by the end of the current quarter. Once completed, the two firms will be rebranded under a single brand but will continue to operate as two separate entities.
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