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SPAC EG Acquisition Corp. (NYSE:EGGF) plans to merge with flyExclusive through a deal that estimates the pre-transaction equity value of the private jet operator at $600M.
The deal is expected to generate gross proceeds of up to $310M for the combined company, assuming no redemptions by EG stockholders. After the closing, which is anticipated in Q1 2023, shares of the combined entity are expected to trade on NYSE.
Based in NC, flyExclusive provides on-demand flights with its fleet of over 90 jets. The company launched a fractional ownership program in 2022 and is expected to generate revenue of around $522M in 2023.
EG Acquisition is sponsored by EnTrust Global and GMF Capital. The SPAC held its initial public offering in May 2021, raising $225M.
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Image and article originally from seekingalpha.com. Read the original article here.