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Flair Airlines Ltd, a low-cost Canadian airline, is in talks to go public through a merger with New Vista Acquisition Corp., a blank check-firm backed by a former Boeing Co. chief executive officer.
New Vista may seek to raise additional financing to support a transaction. The special purpose acquisition company is led by Dennis Muilenburg, Boeing’s CEO from 2015 to 2019.  A deal hasn’t been finalised and it’s possible talks could collapse.
New Vista raised $276 million in a February 2021 initial public offering, saying that it planned to find a target in the space, defense and communications sector or the advanced air mobility and logistics industries.
Canada doesn’t allow foreign investors to control airlines. Flair, which received financing from 777 Partners LLC, was forced to overhaul its structure to lessen the influence of the Miami-based investment firm.
Edmonton, Alberta-based Flair Airlines, led by CEO Stephen Jones, offers cheap flights on domestic routes across Canada and to international destinations including San Francisco, Las Vegas, New York and Cancun, Mexico.
—Bloomberg