Boehly’s Horizon in Talks to Merge With Jet Operator Flexjet

(Bloomberg) -- Horizon Acquisition Corp. II, a blank-check company started by billionaire Todd Boehly -- one of the new owners of Chelsea Football Club -- is in talks to merge with Flexjet, according to people with knowledge of the matter.

Flexjet, which offers a subscription-based private jet service, and the special purpose acquisition company will have a combined valuation of about $3.1 billion, including debt, the people said, asking not to be identified discussing private information.

Representatives for Horizon Acquisition II and Flexjet declined to comment.

Flexjet focuses on fractional ownership, allowing customers to own and lease part of a jet. Led by Chairman Kenn Ricci, the company’s other offerings include full aircraft ownership and on-demand chartering, as well as an hourly prepaid program, according to its website. It also operates corporate jets and helicopters for airport transfers.

Serial Dealmaker

Boehly, an ex-Guggenheim Partners executive who co-owns the Los Angeles Dodgers, is among several high-profile financiers to start a SPAC during the blank-check company boom. The market has stalled this year, spurring other well-known SPAC backers including Chamath Palihapitiya and Bill Foley to shut down their vehicles and return capital to investors as deadlines for finding deals approach.

Horizon Acquisition II, which counts Boehly as chief executive officer and chief financial officer, raised $500 million in a 2020 initial public offering. The SPAC is sponsored by an affiliate of Eldridge Industries, Boehly’s Greenwich, Connecticut-based investment firm.

It weighed a combination last year with Swiss gambling-data company Sportradar AG before those talks fell apart, Bloomberg News reported. Sportradar later pivoted to a traditional IPO.

Boehly led a group that acquired Chelsea Football Club in May for about £4.25 billion ($4.7 billion) from sanctioned Russian oligarch Roman Abramovich. A serial dealmaker, Boehly also sold credit manager CBAM Partners to Carlyle Group Inc. this year while announcing plans to start a new CLO firm.

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Author: Crystal Tse