Private jet company flyExclusive has agreed to acquire Volato's aircraft sales division for $2.1 million in stock.
The sales division is expected to generate $6-$8 million in profit in the fourth quarter of 2025.
Jim Segrave, chairman and CEO of flyExclusive, said the terms of the acquisition had evolved out a prior agreement.
“We entered into our original agreement with Volato to provide a unique solution to Volato’s customers while maintaining an option to acquire the entire company," he said.
"That, however, would have meant assuming debt and obligations that didn’t align with our transformation and growth strategy.
“This structured transaction delivers far greater value, at an attractive multiple on our invested capital."
The agreement allows flyExclusive the right to acquire additional high-growth technology platforms, including travel app, Vaunt, and flight management private aviation operation software, Mission Control.
flyExclusive said it will issue $2.1 million of FLYX stock immediately to Volato, to be distributed directly to its shareholders via a dividend, in exchange for the sales division.