PE-backed Vista Global weighs €1bn-plus European IPO

Private aviation group Vista Global Holding, which is backed by private equity firm RRJ Capital, is exploring a European initial public offering that could raise more than $1bn and value the business at over $10bn, according to a report by Bloomberg.

The report cites unnamed people familiar with the discussions as revealing that the UAE-based company, which operates the VistaJet and XO private aviation brands, is working with Bank of America, UBS and UniCredit on a potential listing. Milan and Zurich are among the exchanges being considered, with a flotation potentially taking place next year.

The discussions remain at an early stage and the eventual size, valuation and timing of any transaction could change.

Vista confirmed that it has appointed a group of advisers and is assessing a range of strategic alternatives, including a possible European listing.

A successful IPO would provide a potential liquidity event for Vista’s existing financial investors, including RRJ Capital and Rhone Group.

Vista was founded by Thomas Flohr in 2004 and operates a subscription-based private aviation model. Its VistaJet business provides members with access to a fleet of private aircraft for both corporate and personal travel, with flights ranging from short regional journeys to long-haul non-stop trips.

RRJ Capital became a significant investor last year when a consortium led by the private equity firm committed $600m to Vista.

The investment was structured through convertible preference shares that are designed to convert into ordinary equity if Vista completes a public listing, making an IPO a potentially important liquidity and value-realisation route for the investor group.