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.

NetJets predicts return to 2019 flight levels by 2021 as private aviation bosses offer a bullish outlook

NetJets, Wheels Up, and Sentient Jet execs tell attendees at Corporate Jet Investor Americas 2020 they expect the private jet recovery to continue through next year

Wheels Up, with the second-largest for-hire fleet behind NetJets, says flying is already at pre-COVID levels. Jet card leader Sentient Jet recently restored pre-pandemic budget levels

Airline CEOs continue to say it could take until 2024 or beyond to recover from the COVID-19 downturn. In a parallel universe, the heads of private aviation’s biggest players painted a far different picture. Bosses at NetJets, Wheels Up, and Sentient Jet each offered bullish 2021 forecasts. They were all speaking at Corporate Jet Investor Americas 2020.

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.

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