Wheels Up investor Delta Air Lines has switched its representative on the private jet company’s board of directors
Delta Air Lines, a major investor in Wheels Up Experience after selling Delta Private Jets to the company in a 2019 deal, has switched its representative on the private jet company’s Board of directors.
The value of Delta Air Lines’ stake in Wheels Up increased to $520 million from $210 million, surpassing its 13% holding in Korean Air
Delta Air Lines’ decision to sell Delta Private Jets has yielded a huge gain on paper. It’s up over 100% just since the fourth quarter. In its latest 10-Q filing, the Atlanta-based airline increased the carrying value of its 24% interest in Wheels Up to $520 million. That makes the New York-based private aviation company its largest equity ownership stake.
Wheels Up with Bell Textron will launch a helicopter service later this year. The initiative provides connecting service to flights by partner Delta Air Lines
In February, United Airlines placed a $1 billion order for 200 Archer eVTOL aircraft
Private aviation rival Directional Aviation bought helicopter share and jet card provider Associated Aircraft Group earlier this year
Wheels Up today announced it is partnering with Bell Textron, a Textron Inc. (NYSE: TXT) company. It plans to develop short- and long-term solutions with vertical take-off and landing (VTOL) aircraft. The collaboration will focus on the growing demand for convenient intra-urban travel from city centers and regional airport helipads.