Press Release February 04, 2021

Wheels Up To Become Publicly-Traded via SPAC Merger With Aspirational Consumer Lifestyle Corp.

The Private Equity and Special Purpose Acquisition Companies (SPACs) team advised Fidelity Management & Research Company LLC and other existing Wheels Up investors on the definitive agreement for Wheels Up to become publicly-traded via a merger with SPAC Aspirational Consumer Lifestyle Corp. (NYSE: ASPL), in a transaction that values Wheels Up at an enterprise value of $2.1 billion.

Wheels Up is a leading provider of private aviation services in the U.S. through a fleet of owned, managed, and third-party planes.

Aspirational is a partnership of experienced consumer investors and former LVMH executives alongside global consumer-focused private equity firm L Catterton as a minority partner.

The transaction is expected to deliver up to $790 million of gross proceeds to the combined company, including the contribution of up to $240 million of cash held in Aspirational's trust account from its initial public offering in September 2020. The combination is further supported by a $550 million PIPE at $10 per share. Upon closing of the transaction, Wheels Up will be the first private aviation platform to be listed on the New York Stock Exchange (NYSE: UP).

The Goodwin team was led by Janet RoyJocelyn Arel, Jamie Hutchinson, Dennis O'Reilly, Farhayal Zubair, and included Todd Pollock.

For more details, read the press release.