Jet Republic Takes On NetJets Europe

 - September 29, 2008, 12:22 PM

Jet Republic late last month launched a major new European fractional ownership, lease and block-charter program and revealed itself as the previously unidentified customer for up to 110 Bombardier Learjet 60XRs. (It has firm orders for 25 of the aircraft.) The deal is valued at up to $1.5 billion. Deliveries will begin in October next year and will run at a rate of about one aircraft per month. The start-up operation will be based in Portugal, which is already the home aircraft registry for the rival NetJets Europe fleet. Jet Republic is backed by Austria’s Euram private bank and a consortium of its clients. Fractional, lease and jet-card sales are set to begin this month. Shares in the Learjet 60XR will start at one-sixteenth, providing 50 flight hours per year, extending up to a half share with 400 hours. Jet Republic’s charter card will offer a variety of light, midsize, large and “global” business jets operated by a group of selected operators.™