Canada Jetlines enters into LOI with GLOBALX

(Reuters) – 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%.

Reporting by Maria Ponnezhath in Bengaluru; Editing by Sandra Maler