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.

Blade set to go public in SPAC

Fly Blade spac

The deal values Blade at an estimated pro forma equity value of $825 million

Blade Urban Air Mobility follows SurfAir and Kenn Ricci, the principal of Flexjet, Sentient, FXAIR, PrivateFly owner Directional Aviation, into the public markets. Like the West Coast flight-sharing service and Ricci’s Zanite Acquisition Corporation, the vehicle is a special purpose acquisition company known as a SPAC.

Kenn Ricci’s Zanite Acquisition Corp. sets $200 million IPO

Flexjet Sentient Jet Flex Jet

Ricci, who leads Flexjet, Sentient Jets, PrivateFly, and FXAIR parent Directional Aviation, serves as co-CEO of Zanite

Zanite Acquisition Corp. announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit, or $200 million.

Flexjet, Sentient Jet parent launches new on-demand private jet charter brand FXAIR

FXAIR

FXAIR is the new premium ad hoc charter brand from Directional Aviation and will replace PrivateFly in the U.S.

17 Flexjet Bombardier Challenger 300s and Global Express XRSs will provide the backbone for the new private aviation provider

FXAIR is the new private aviation brand from OneSky Flight, LLC. The new on-demand charter broker promises a premium experience and perks not generally associated with ad hoc private jet rentals.

Flexjet, Sentient, PrivateFly boss salutes employees

Kenn Ricci Flexjet Sentient Jet PrivateFly

Directional Aviation chairman Kenn Ricci took to Instagram to praise employee support for its shared sacrifice program

With business aviation taking it on the chin from the COVID-19 Coronavirus crisis, the industry is being wracked by furloughs and layoffs. Last week JetSuite sent shockwaves by suspending operations laying off and furloughing over 120 employees.

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