SPAC Called Wheels Up Lets Investors Bet on Private Flying
- Deal values company at $2.1 billion, set to close next quarter
- Luxury aviation in U.S. is rebounding faster than airlines
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Wheels Up, which sells flights on private jets, is set to become the first operator of business aircraft to trade publicly, enabling investors to bet on an industry showing signs of a rebound from the coronavirus pandemic.
An agreement to merge with a special purpose acquisition company called Aspirational Consumer Lifestyle Corp. is expected to close in the second quarter, Wheels Up said in a statement Monday. The transaction valued Wheels Up at $2.1 billion and provides the company with as much as $790 million in gross proceeds as it pursues its goal of “democratizing” private aviation.