Vista Global, the newly formed parent company of VistaJet, announced today that it is acquiring U.S.-based charter firm XOJet’s business aviation fleet and commercial operations for an undisclosed amount. To meet U.S. DOT foreign ownership rules, “XOJet’s regulated air carrier will continue to be independently operated in a joint venture under U.S. control and leadership,” it said. XOJet will continue to operate under its own name. 

According to Vista Global, the acquisition is a “major strategic step forward” that builds on its existing global offering and reinforces its established position in North America. The deal is expected to close in the fourth quarter, following regulatory approvals.

XOJet—the third-largest air charter operator in the U.S., according to Argus International’s 2018 midyear business aviation review—is currently owned by capital investor groups TPG and Mubadala. The company’s owned fleet of 43 Bombardier Challenger 300s and Cessna Citation Xs flew 46,739 hours between July 1, 2017, and June 30, 2018, the Argus data shows.

“Our mission is to provide customer-centric solutions for every segment of business aviation, and today’s announcement is a major step in that direction,” said Vista Global founder and chairman Thomas Flohr. “XOJet’s strength in North America and its reputation for offering great value perfectly complement VistaJet and the other businesses in the group.”