Wheels Up Experience Inc. (NYSE: UP) has inked an agreement to purchase Air Partner PLC which is a U.K.-based global aviation services group with operations in 18 locations and across four continents. This new agreement represents the new chapter in Wheels Up's journey as it is ready to become the world's premier private aviation company, delivering unrivaled value to its clients and stockholders.
This acquisition will enable UP to provide existing and future clients with even more appealing and smooth private travel options. It will grow its marketplace's reach in major markets throughout the world and enhance its network's operating capabilities. The company will be able to speed up its worldwide strategy and genuinely substantially expand its offers thanks to Air Partner's rich history, leadership skills, and unique capabilities.
After the transaction formally closes, it is looking forward to sharing further information about the transaction and its go-to-market strategy. This proposed acquisition has a convincing strategic rationale, which combines two businesses with the same offerings and values for the benefit of their customers.
In addition, this acquisition accelerates Wheels Up's long-term goal of being the global leader in private aviation. The planned merger will create a global platform for increased growth and market penetration. Wheels Up will also be able to leverage its major investments in brand, operations, service, and technology with a worldwide client base that is active and engaged.
The acquisition will help to speed up the development and growth of Wheels Up's technology-enabled marketplace, which will help to support predicted worldwide demand growth. As per the agreement, Wheels Up will buy the entire issue and be issued ordinary share capital of Air Partner for 125 pence per share, equivalent to an enterprise value of nearly $107 million.