Middle East top of Wheels Up’s expansion plans

Wheels Up Orange King Air 350i

“The Middle East…will be one of the first ones we will be starting working on,” incoming Wheels Up board member Ravi Thakran told Arabian Business

As Wheels Up plots its global expansion plans, it looks like the Middle East is at the top of the list.

Wheels Up’s SPAC reveals revenue, profitability, membership, fleet size and more

Wheels Up

Wheels Up ended 2020 with 10,995 active members and $690 million in revenues. It’s forecast to reach $912 million this year

Will Wheels Up be the first private jet company with its own co-branded credit card?

The private aviation company sees a future for the Wheels Up brand in luxury lodging, yachts, and experiences to credit cards and financial services

Wheels Up is going public via a SPAC. It’s provides a rare look into the world of private jet companies, which are either privately held or subsidiaries of large publicly traded companies, with limited public data.

Wheels Up to go public via a merger with LVMH-backed SPAC

Wheels Up SPAC

The transaction values Wheels Up at an enterprise value of $2.1 billion and is expected to provide up to $790 million in cash proceeds when it closes in Q2

SPAC CEO Shakran sees “[M]any opportunities to leverage our experience and relationships to partner (Wheels Up) with other aspirational and luxury brands and to expand to international markets”

Following its acquisition spree, Wheels Up has the world’s second-largest for-hire fleet of private aircraft, behind only NetJets

Sometimes rumors do come true. As Reuters reported last week, Wheels Up Partners Holdings LLC this morning said it has entered into a definitive agreement to become publicly-traded via a merger with special purpose acquisition company, Aspirational Consumer Lifestyle Corp. (“Aspirational”) (NYSE: ASPL).

Wheels Up in talks with SPAC to go public at $2 billion valuation

Wheels Up

The Wheels Up move follows private aviation and eVTOL focused SPAC filings from Flexjet chairman Kenn Ricci, Surf Air, and Blade in recent months

This morning, a report from Reuters claims Wheels Up is in discussions with Aspirational Consumer Lifestyle Corp to go public through a merger with the SPAC blank-check acquisition company. The article said the deal could value the private aviation provider at “more than $2 billion.”

According to a Private Jet Card Comparisons’ analysis, Wheels Up is the second-largest operator of for-hire private aircraft behind NetJets with an estimated 8.3% of the market.

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