Wichita-based Raytheon Travel Air and Cleveland-based Flight Options on March 20 completed their planned merger, first announced December 20, creating the second-largest fractional aircraft provider. Under the joint venture, Flight Options holds a 50.1-percent stake in the new company, while Raytheon Co. retains a 49.9-percent share.
Now known as Flight Options LLC, the new company will be headed by Flight Options CEO Kenn Ricci and has more than 1,600 share customers and a fleet of some 200 aircraft. As part of the deal, Flight Options LLC will take a mix of 115 new Premier Is, Beechjets and Hawker 800XPs from Raytheon Aircraft, and an order for up to 50 Hawker Horizons is pending.
All flight operations activity has been transferred to Flight Options’ expanded operations control center at Cleveland Cuyahoga County Airport, and Ricci said the transition process went “tremendously smoothly.” The company will now focus on combining operations, and it plans to unveil new prices this month.