Hongkong Jet offers to purchase Asia Jet
Hongkong Corporate Jet Management has made a formal offer to purchase Asia Jet Partners. The two companies have signed a letter of intent.
With the due diligence process complete and with no further changes anticipated it is thought that the deal will be finalised within the second quarter of 2016.
In the proposed agreement Hongkong Jet would acquire Asia Jet together with its subsidiary in Shanghai, China namely; Asia Jet Partners (Shanghai) and its joint venture business unit, Asia Jet Partners (Malaysia). The Malaysian joint-venture partner is Berjaya Vacation Club Berhad, itself a subsidiary of publically traded Berjaya Corporation Berhad.
Mike Walsh, chief executive of Asia Jet, said: “Linking hands with Hongkong Jet and its expansive aviation parent group became an obvious strategic fit for us within Asia. I am excited about our future prospects together and the benefits a larger group can bring to our loyal clients.”
Asia Jet was founded in 2008 and is headquartered in Hong Kong.