Private aviation group Vista Global Holding agreed to acquire European charter operator Air Hamburg's operating platform and maintenance services as it seeks to expand into European and Middle Eastern markets.
Vista expects an increase of about 30 per cent in flight hours on a combined basis globally after the deal is closed and have a 15 per cent market share of the global charter market, the company said in a statement on Monday.
The acquisition "brings a renowned institution of the European private aviation market into the Vista group and complements our growth and service offering across Europe and the Middle East", said Thomas Flohr, Vista’s founder and chairman.
Despite various geopolitical and economic concerns, global business jet activity is recovering faster than the general air traffic in February, according to a report by aviation data specialist WingX. Activity in the first half of the month was 31 per cent more annually, 15 per cent ahead of February 2020 and 8 per cent ahead of February 2019.
"As virus restrictions are lifted in Europe at an increasing pace, business aviation has continued to flourish, with sectors up 12 per cent on where they were back in February 2019," the report said of the region.
The acquisition deal is expected to be completed in the first half of 2022, subject to closing conditions and regulatory approvals, according to the statement.
Founded in 2006, Air Hamburg is a full-service private aviation company flying to more than 1,000 destinations in Europe. It organised more than 18,800 flights for its clients in 2021, recording more than 35,000 hours.
More than 650 highly skilled employees will join the Vista group after the transaction is completed.
"Over the last three years, we have experienced strong growth, significantly increasing our market share across Europe and beyond," Floris Helmers, Air Hamburg's chief executive and managing director, said.
"This co-operation between two of the largest operators means increasing our stability and securing further growth for our business."
Air Hamburg has 44 contracted aircraft, including Lineage 1000E, Dassault Falcon 7X and Embraer Legacy models.
The merger is the latest step in Vista’s inorganic growth in the highly fragmented business aviation landscape.
Following strong global demand for private aviation services from new and existing clients, the move builds on Vista's recent integration of Apollo Jets, Talon Air and Red Wing Aviation to the group.
Vista will also integrate Air Hamburg's maintenance hub at Baden Baden Airpark in Germany, along with its Executive Handling division and VIP lounge at Hamburg Airport, which will be available for Vista passengers to use.
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If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
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