Deals
Delta Steps Back From Luxury-Jet Flights in Deal With Wheels Up
- Carrier to take equity stake in closely held charter company
- Pact will provide ‘marketing power and brand,’ Bastian says
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Delta Air Lines Inc. is taking a step back from its private-jet charter business after 20 years, selling the struggling operation to Wheels Up Partners in a deal expected to close early next year.
The airline will retain an unspecified equity stake in closely held Wheels Up, Delta said in a statement Thursday. Financial terms weren’t disclosed. Wheels Up Chief Executive Officer Kenny Dichter will continue leading the combined company, which is based in New York.