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 Jocelyn Arel, Jamie Hutchinson, Dennis O'Reilly, Farhayal Zubair, and JT Roy, and included Todd Pollock, and Andrew Wilson.

For more details, read the press release.