iAero Group announced that it would buy the largest, independent airline charter business in the US, Swift Air, for an undisclosed amount.
The deal, expected to close by the first quarter of 2019, is subject to regulatory approvals.
With the addition of Swift Air, Miami-based iAero Group will bolster its portfolio of aviation businesses.
“Bringing Swift Air into the iAero Group creates an integrated aviation services platform and will enable the airline to leverage our capabilities to further their already exemplary customer service and impeccable safety record through access to our high quality, efficient, stateside maintenance services,” said iAero Group CEO Robert Caputo. “In addition, with our aircraft acquisition capabilities in our engine and airframe leasing division, we have developed a pipeline of assets that will allow Swift Air to meet its customers’ growth needs in a manner that is unmatched in the industry.”
According to the deal announcement, Jeff Conry would remain at Swift Air as its CEO. Swift Air charter business in the US has twenty-seven Boeing 737 aircraft, and is usually used by professionals, sports teams, entertainers, and vacation companies.
We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips
Most Popular
Important takeaways from Paychex’s (PAYX) Q2 2025 earnings report
Paychex Inc. (NASDAQ: PAYX), a leading provider of human resources and payroll services, reported better-than-expected revenue and profit for the second quarter of fiscal 2025, sending the stock higher soon
Lamb Weston’s (LW) challenges may not end soon, a few points to note
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) turned red in mid-day trade on Friday. The stock has dropped 19% in the past one month. The company delivered disappointing results
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss