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
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to