Elit’Avia pulls out of OJets deal

Elit’Avia, the Slovenia-based aircraft management and charter company, has pulled out of its proposed acquisition by Singapore-based operator OJets.

The deal, originally announced in April, would have seen Elit’Avia taken over by Ojets, but remain in operation as a wholly owned subsidiary of the Singapore operator.

However, the deal was pulled following closer inspection of how the two companies could be integrated.

“We realized that the synergies between OJets and Elit’Avia were not as expected. It was a difficult decision. But, we felt that it would be best for all concerned to halt the acquisition before going any further,” said Nick Houseman, shareholder and board member of Elit’Avia.

Despite pulling the deal, the OJets aircraft will still be managed by Elit’Avia, with the OJets’s aircraft operating under the Elit’Avia AOC in Malta.

“Today, we enjoy a good relationship with OJets. They are a valued client – with their fleet operating under Elit’Avia’s Maltese AOC,” said Houseman.

Since pulling out of the deal, Elit’Avia has expanded into Asia with the introduction of offices in Bangkok and Hong Kong.