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.