Flexjet announced the termination of its business combination agreement with Horizon Acquisition Corporation II (HZON), meaning it will remain a private entity. This decision is intended to protect the interests of stakeholders while maintaining ongoing growth initiatives. Flexjet aims to enhance its fleet with 37 aircraft deliveries in 2023, expanding its total to over 270 aircraft. Additionally, the company plans to strengthen its infrastructure with new maintenance facilities and private jet terminals. Hiring plans include bringing on approximately 1,400 new employees this year. Flexjet continues to show strong financial performance, exceeding prior financial targets and generating substantial cash flow, which could allow access to public markets in the future.
Horizon Acquisition Corporation II (NYSE American: HZON) announced the termination of its business combination agreement with Flexjet, initially signed on October 11, 2022. Following this termination, Flexjet remains a private entity, while Horizon will liquidate its trust account. Flexjet will make a termination payment of approximately $30 million to Horizon, allowing for a liquidating distribution of about $11.33 per share to Horizon's Class A shareholders. This redemption amount exceeds the current trust account amount of $10.03 per share. Consequently, Horizon will not pursue alternative business combinations due to a deadline in its charter documents, with shares expected to be canceled by April 26, 2023, and delisting anticipated thereafter.
Flexjet, a leader in subscription-based private aviation, is enhancing its collaboration with University Hospitals (UH) by supporting the Pet Pals Program. This initiative involves the transportation of highly trained therapy dogs from Canine Assistants in Georgia to UH Cleveland Medical Center, aimed at providing comfort to patients undergoing stressful medical treatments. With this addition, UH will now have four facility dogs servicing various departments, contributing to patient healing by reducing stress and promoting emotional support.
Horizon Acquisition Corporation II (NYSE: HZON) plans to transfer its listing from the New York Stock Exchange to NYSE American LLC, pending confirmation of meeting listing standards. This decision follows recent redemptions of its Class A ordinary shares linked to a vote extending the timeline for completing its initial business combination. The transfer is anticipated around November 29, 2022, allowing Horizon to continue filing periodic reports with the U.S. Securities and Exchange Commission.
Flexjet has announced a business combination agreement with Horizon Acquisition Corporation II (NYSE: HZON), poised to list as a public company under the ticker FXJ. With a projected revenue of $2.3 billion and Adjusted Management EBITDA of $288 million for 2022, this transaction values Flexjet at approximately $3.1 billion. Proceeds will facilitate fleet and infrastructure expansion. The deal is expected to close in Q2 2023, with existing Flexjet shareholders owning 89% of the combined entity.