Saker Aviation Services, Inc. (SKAS): M&A transaction — Saker Aviation Services closes asset sale of FBO Air-Garden City for $1.5M

Saker Aviation Services, Inc.

Closed sale of substantially all assets of subsidiary FBO Air-Garden City, Inc. to Crosby Flying Services, LLC for $1.5 million after adjustments.
Buyer paid 90% at closing; remaining 10% due in cash on first anniversary subject to non-compete compliance.
Seven-year non-compete covenant prohibits aviation fuel and FBO operations within 100 miles of Garden City Regional Airport, Kansas.
Sale previously announced on September 27, 2022; closed on October 31, 2022.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Saker Aviation Services, Inc. completed a disposition involving Crosby Flying Services, LLC for $1.5 million (closed 2022-10-31).

Action: disposition
Counterparty: Crosby Flying Services, LLC
Consideration: $1.5 million
Closing: 2022-10-31

Exact text from the filing

On October 31, 2022 (the “Closing Date”), FBO GCK closed the sale of the Assets to the Buyer and became subject to the Non-Compete, for an aggregate purchase price of $1.5 million, after certain closing adjustments.

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Saker Aviation Services, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-22-025540

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