Luxaviation Group has snapped up Lisbon, Portugal-headquartered charter and management company Masterjet.

The deal marks the fifth acquisition of a business aviation company in just over three years by the Luxembourg-based group, which is now the second-largest business aircraft operator on the continent after NetJets Europe, with a fleet of just under 100 aircraft.

The UK's London Executive Aviation, France's Uni Air, Belgium's Abelag and Germany's FairJets were absorbed into the group in May 2014, January 2014, June 2013 and October 2011 respectively.

Masterjet operates eight business jets including two long-range Dassault Falcon 7Xs and a refurbished, VIP-configured Airbus A320. The company will retain its identity, leadership and operational independence, says Luxaviation.

"In common with other group companies, Masterjet will benefit from valuable synergies including economies of scale in the purchasing of fuel, insurance, training and other significant cost areas," it adds.

Source: Flight International