Wheels Up has reached an agreement to acquire London-based aviation services provider Air Partner for approximately $107 million in cash, the companies announced today. The acquisition is expected to close in March, subject to shareholder and regulatory approvals.
Air Partner, which was founded in 1961 and now has 18 worldwide offices, provides private jet, group, and freight charter, as well as aviation safety and security solutions. According to Wheels Up, the acquisition will allow it to expand its service offerings while permitting Air Partner to leverage Wheels Up’s investments in operations, service, and technology.
“Today’s announcement marks an important new chapter for Wheels Up as we systematically build [a] leading global, private aviation company,” said Wheels Up chairman and CEO Kenny Dichter. “This acquisition will allow us to offer existing and future customers even more compelling and seamless options for private travel, expand the reach of our marketplace in key markets around the world, and add important operational capabilities to our network. We look forward to sharing more details on the transaction and our go-to-market plans after the deal formally closes.”
Air Partner CEO Mark Briffa added that the deal will bring together “businesses with complementary offerings and values.”