Wheels Up Goes Public with SPAC

Wheels Up Goes Public with SPAC

The private jet provider has an enterprise value of $2.1B.

The luxury for-hire private jet company Wheels Up has confirmed that it will merge with the special purpose acquisition company Aspirational Consumer Lifestyle Corp. The deal allows the firm to become publicly traded. The agreement was entered on Feb. 1. The deal found Wheels Up valued at $2.1B, and per the companies involved, will yield as much as $790M in proceeds. Wheels Up, only the second company in its field, started in 2013 and has access to more than 1,000 private planes.