Delta Air Lines switches Wheels Up board member

Wheels Up

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.

Wheels Up revenues surge to $261.7 million in Q1 as losses narrow

Wheels Up Teal King Air 350i

As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down

Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.

Delta’s stake in Wheels Up soars to $520 million

Delta Air Lines Ed Bastian

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.

Here’s how much Wheels Up paid for each of its 5 acquisitions

Wheels Up Kenny Dichter

Kenny Dichter and Wheels Up doled out less than $100 million in cash to build the second-largest private jet operator with a $2 billion valuation

When Wheels Up’s acquired 5th-biggest Part 135 charter operator Mountain Aviation in January, it pushed the group past Directional Aviation’s Flexjet as the second-largest for-hire private aircraft operator in the U.S. For Wheels Up founder and CEO Kenny Dichter, it was a day at the beach compared to another cold New York winter morning in early 2019. At that point, Wheels Up didn’t operate a single aircraft. Founded in 2013, its owned and leased fleet was outsourced to Gama Aviation Signature. Wheels Up was a big brand. Yet, it was merely a marketing organization selling memberships onto what was then mainly a fleet of King Air 350i turboprops.

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