Jet Firm Wheels Up Inks Deal Giving Knighthead, Certares Control
- The company is expected to get $500 million in new money
- Wheels Up is focusing on its most profitable coastal routes
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Wheels Up Experience Inc. is preparing to cede control to investors including Knighthead Capital Management and Certares Management as part of a new financing deal, according to a statement seen by Bloomberg.
Affiliates of Knighthead and Certares, alongside Delta Air Lines Inc. and other investors, have agreed to provide $500 million in new financing to the private jet company. In exchange, they’ll receive 95% of Wheels Up’s equity.