Canada Jetlines Ltd (JET.V) said on Friday it has entered into a letter of intent (LOI) with U.S. based charter airline Global Crossing Airlines (GLOBALX) for a business combination.
The combined entity will be named Global Crossing Airlines Group and will continue with an operating plan for Canada, which includes continuing to advance the Air Operator Certificate for Jetlines, the company said in a statement.
Jetlines shareholders will hold 49% of the common and variable voting shares of Global Crossing Airlines Group and shareholders of GLOBALX will hold 51%.
Source: Reuters.com