Malta-based AirX is close to finalising a deal that will see private equity firm Searchlight Capital Partners take an estimated 25 per cent stake in the private jet charter company for $250 million (€224 million).
The deal would value the company at around $1 billion (€900 million).
News of the deal came as a major rival of the charter company, VistaJet – also based in Malta – filed a €386 million lawsuit against it in local courts, alleging that AirX was behind a coordinated misinformation campaign that caused significant reputational damage.
The two major events will prove pivotal to the future of AirX, which employs around 400 people in Malta.
According to Sky News, Searchlight Capital Partners is close to securing a major stake in the private jet company after AirX founder, majority shareholder and CEO John Matthews had been in talks with private equity backers “for some time”.
The investment would represent the first outside funding for AirX, which aims to grow its fleet to around 110 aircraft within five years.
Searchlight Capital Partners is a private equity firm based in the UK, the US, and Canada, with $15 billion in assets under management.
About the lawsuit
In the case filings, picked up by MaltaToday, VistaJet alleges that it is the victim of a misinformation campaign conducted by its rival as it seeks large garnishee orders against its CEO, CFO, and other employees.
The subject of the misinformation campaign in question was the financial health of VistaJet, which Mr Matthews has described as a “loss-making operator”.
In 2023, Financial Times reported that VistaJet posted $436 million in losses, having accumulated debts of $4.4 billion while pursuing an ambitious expansion – information that VistaJet is alleging was provided by its competitor.
To back up its claims, VistaJet has pointed to messages exchanged in a WhatsApp group between AirX employees called ‘Vista Comms’. AirX replied that the WhatsApp group was set up by Mr Matthews, who has not been sued by VistaJet, and the people added to the group had little to no involvement in the chats.
AirX added that VistaJet had not in fact contested the veracity of the news reports, and is now simply attempting to turn what should have been allegations of defamatory libel into a vexatious request for commercial damages.
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