NetJets, a private aviation company selling fractional ownership in its planes, announced Thursday that it had agreed to purchase Marquis Jet, a private jet cards company that sells the use of NetJets's small planes in 25-hour blocks. Under the terms of the agreement, Marquis Jet became a wholly-owned subsidiary of NetJets, which itself is owned by Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B). No additional details were disclosed.
According to NetJets Chairman and CEO David Sokol, "By bringing NetJets and Marquis Jet together we combine the unquestioned industry leaders in safety and Owner service and, simultaneously, we create the finest sales and marketing organization in private aviation."
NetJets, which provides secure private aviation solutions to individuals and corporations, said the acquisition of Marquis Jet will yield meaningful cost benefits. The acquisition will also "provide the most competitive pricing structure in the marketplace," the company said.
The purchase was part of the NetJets 10-year business plan, which also includes the consolidation of U.S.-based business functions and, most recently, an order to purchase up to 125 new aircraft.
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