Tempus Jets, an aviation services business with an Upstate presence, has inked a definite agreement to complete a business combination transaction with Chart Acquisition Corp., the companies announced.
Tempus Jets modifies, leases and operates commercial aircraft for specialized purposes for governments, corporations and individuals. The company is headquartered in Williamsburg, Va., with a location at Greenville-Spartanburg International Airport, and additional locations in Maine, Colorado, Arizona, Uganda and Bahrain.
Chart Acquisition Corp. is “a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving Chart and one or more businesses,” according to the statement.
The business combination values Tempus Jets at $140 million, said the statement.
When the transaction is closed, Chart Acquisition Corp. will be renamed The Tempus Group Inc. and intends to apply to list its shares of common stock on the Nasdaq Stock Market under the symbol “TJET,” the statement said. Tempus’ founder and CEO Scott Terry and his partner, Jack Gulbin, together will own a majority interest in the combined company.
All of the members of the Tempus senior management team will continue in their current positions, the companies said.
“While Tempus has five and a half years of strong performance behind us, we have been exploring avenues to enhance our ability to take the company to the next level,” said Terry. “The partnership with Chart is a fantastic option for Tempus, and we are fortunate to have this opportunity. We’ve received positive feedback from potential stakeholders and are very excited about growing our business by building the additional relationships that public ownership allows our company.”
