Wheels Up finalizes acquisition of 17 Phenom jets, secures $332M from US bank
Private jet operator Wheels Up has finalized the acquisition of 17 Embraer Phenom aircraft as part of the company’s fleet modernization strategy, as announced in October 2024.
On November 14, 2024, Wheels Up confirmed the purchase of 17 Phenom 300 and Phenom 300E aircraft, along with related maintenance assets and customer programs, from private jet charter GrandView Aviation.
The CEO of Wheels Up, George Mattson, said: “Our fleet transition starts today with the strategic acquisition of GrandView’s Phenom fleet and the immediate introduction of the Phenom fleet into our programmatic member as well as charter offerings as we head into the peak holiday travel season.”
The company said that the agreement marked a “major step forward” for its strategic growth, as well as for delivering an “elevated and reliable experience” to its customers.
Mattson added: “By expanding our fleet with newer, more capable aircraft, we are positioning Wheels Up to remain at the forefront of our industry, offering our customers private aviation solutions that deliver greater flexibility, enhanced comfort, and the reliable access our customers expect.”
Where to? pic.twitter.com/zplXsUVEVC— Wheels Up (@WheelsUp) February 4, 2024 The additional aircraft are expected to lower Wheels Up’s average fleet age to around 10 years old.
Additionally, Wheels Up announced that the company has secured $332 million in financing from Bank of America, backed by credit support from Delta Air Lines.
Delta has been a long-term strategic partner of Wheels Up and is the company’s largest shareholder.
The funds will be used to purchase GrandView’s fleet, refinance Wheels Up’s existing owned fleet, and provide additional borrowing access to support the completion of a fleet transition.
In October 2024, Wheels Up announced it had agreed to sell all 13 of the Citation X aircraft it currently owns to make way for a fleet of pre-owned Challenger 300 and Challenger 350 aircraft via the secondary market.
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The post Wheels Up finalizes acquisition of 17 Phenom jets, secures $332M from US bank appeared first on AeroTime.
Private jet operator Wheels Up has finalized the acquisition of 17 Embraer Phenom aircraft as part of the…
The post Wheels Up finalizes acquisition of 17 Phenom jets, secures $332M from US bank appeared first on AeroTime.
