3i, a UK-based investment holding company, is reported to be the front- runner in the race to buy Swiss-based Jet Aviation, according to a report in TheDeal.com. The online business publication wrote that Warren Buffett’s Berkshire Hathaway, which also owns NetJets and FlightSafety International, had made a one-time, take-it-or-leave-it offer of $480 million for Jet Aviation. A spokesman for NetJets has since told AIN that Berkshire Hathaway is not interested in Jet Aviation. The 3i offer was reported as $500 million, roughly eight times Jet’s earnings, and is expected to be completed this month. 3i’s previous dealings in aviation consist of the purchase and subsequent sale of a low-cost UK airline. Jet Aviation has substantial interests in charter, management, maintenance, completions and FBOs.
Jet aviation sale in home stretch
- May 7, 2008, 7:07 AM