EG Acquisition today announced a merger agreement with flyExclusive, a provider of premium private jet charter experiences. The transaction values flyExclusive at a pre-transaction equity value of $600 million and is expected to provide up to $310 million in proceeds, including $85 million of immediate funding through committed convertible notes and up to $225 million of the SPAC’s cash in trust.
If approved, flyExclusive is expected to be listed on the NYSE. The company manages Cessna Citation aircraft with a floating fleet of over 90 jets with access to a network of personalized private aviation and on-demand flights that can service a myriad of specialized trip needs. flyExclusive has over 800 employees with its operations on the East Coast within a few flight hours of over 70% of its customer demand.
This is the second private aviation/SPAC deal announced in the last week. Read more.
