NetJets, the private business jet operator of Warren Buffett's Omaha, Neb.-based Berkshire Hathaway Inc., is buying Marquis Jet of New York for an undisclosed sum, according to an AP report on BusinessWeek.com.
Marquis was founded in 2001 to offer smaller fractions of jet ownership than NetJets would sell. The company sells cards that offer 25 hours of flight time on NetJets planes; the smallest share NetJets offered included 50 hours of flight time annually.
Under the deal, Marquis Jet has become a wholly owned subsidiary of NetJets, which said the deal will give the company a more competitive pricing structure and provide a boost to its sales force. NetJets did not specify where the cost savings will come from.