Delta to hold equity position in Wheels Up
12/19/2019|5:43:31 PM|Fox Business

Delta Air Lines’ private jet business and private aviation company Wheels Up have reached a "definitive agreement" to establish one of the world's largest owned and managed fleets of private aircraft.

Delta Private Jets, a subsidiary of Delta, will combine with New York City-based Wheels Up, a deal that would allow Delta to hold an equity position in the fast-growing private aviation company, according to Delta's announcement on Thursday.

The partnership with Delta is expected to close sometime in early 2020 and is said to provide "unparalleled" travel opportunities for more consumers, Delta said.

The agreement comes just after Wheels Up raised $128 million in funding back in August, putting its valuation at $1.1 billion. The multimillion-dollar fundraising round comes on the heels of Wheels Up's acquisition of Travel Management Company last May.

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