New Vista Acquisition Corporation has "entered into a non-binding letter of intent" for a proposed business combination with Verijet Holding Company, which provides private aviation services as "the largest fleet operator of Cirrus Vision jets".
New Vista said it would only provide more details of the tie-up "if and when a definitive agreement is executed". The completion of the deal remains subject to due diligence being carried out. Board and regulatory approval would also be required, New Vista said. The special acquisition company (SPAC) is being backed by former Boeing CEO Dennis Muilenburg. New Vista, which raised $240 million from a public listing, was reported to be in merger talks with Flair Airlines late last year but no further details emerged.
Verijet operates 19 of the aircraft in the north-east, south-east and west coast of the US. New Vista said the Cirrus Vision is "the only single-engine turbofan aircraft widely available in the private aviation marketplace" and comes with "important safety features as a turbo-fan powered aircraft with a full aircraft parachute as well as Garmin Autoland, which autonomously lands the plane with the push of a single button if a pilot is unable to fly, allowing it to be operated safely with a single pilot".
Private aviation deals seems to be coming back into vogue with Horizon II - also a SPAC entity backed by Eldrige Industries - merging with Flexjet in October, with the deal due to close during the second half of this year following shareholder approval.