Subscription-based private aviation company Flexjet Inc. said Tuesday it will go public through a merger with special purpose acquisition company (SPAC) Horizon Acquisition Corp. II HZON, in a deal that values Flexjet at $3.1 billion. After the deal closes, which is expected to occur in the second quarter of 2023, Flexjet expects to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “FXJ.” The companies said the deal is backstopped with a common equity capital commitment of up to $300 million from Eldridge Industries and Horizon’s sponsor. “Having capital and currency will position us to expand market share at an accelerated pace in an opportunistic environment,” said Flexjet Chairman Kenneth Ricci. “We will parlay our existing profitability and use that as a launch pad to accelerate our growth into the next chapter.” Horizon’s stock, which went public in December 2020, has gained 1.9% year to date while the S&P 500 SPX, -0.75% has lost 24.2%.
