iAero Group, a Miami-based integrated aviation business with ties to private equity, says it has signed a definitive agreement to acquire Arizona-based charter specialist Swift Air (United States of America) (WQ, Phoenix Sky Harbor).

The transaction, whose value was not disclosed, is subject to regulatory approvals and is expected to close during the first quarter of 2019. Once acquired, Swift Air will join iAero Group's other aviation-related assets namely engine MRO and leasing firm AeroThrust and airframe MRO AeroTech.

"Bringing Swift Air into the iAero Group creates an integrated aviation services platform and will enable the airline to leverage our capabilities to further their already exemplary customer service and impeccable safety record through access to our high quality, efficient, stateside maintenance services," iAero Group Chief Executive Officer, Robert Caputo, said. "In addition, with our aircraft acquisition capabilities in our engine and airframe leasing division we have developed a pipeline of assets that will allow Swift Air to meet its customers growth needs in a manner that is unmatched in the industry."

Jeff Conry will remain as CEO of Swift Air.

Swift Air operates a fleet of two B737-300s, one B737-300(F), twenty-one B737-400s, and four B737-800s while its Swift Aircraft Management (Phoenix Sky Harbor) subsidiary operates a fleet of private jets that includes three Legacy 600/650s.