National Jet Charter, a Van Nuys company that maintains private jets and arranges charter flights, said Monday that it has signed a letter of intent to be acquired by NetAir International Corp., an air charter firm.
Under the agreement, Denver-based NetAir would buy National Jet for an undisclosed amount of cash and stock. National Jet would then operate as a wholly owned subsidiary.
National Jet's president, Michael Friedman, is to become NetAir's chief operating officer. A definitive agreement is expected by mid-November.
NetAir, formed in April, 1985, books charters on 83 business jets and turboprop aircraft through 18 affiliates, most of which operate like National Jet. National Jet has made its fleet available to NetAir since May, 1985.
Headquartered at Van Nuys Airport, National Jet maintains, stores and provides pilots for six jets owned by other businesses. The company operates charters with those planes, as well as with its own Lear jet.