Wheels Up Experience Inc. (UP): M&A transaction — Wheels Up sells non-core aircraft management business for $19.1M; records $3.0M loss

Wheels Up Experience Inc.

Sold 100% of Circadian Aviation to Executive AirShare on Sept 30, 2023.
Total consideration of $19.1M: $13.2M cash, $4.8M contingent, $0.6M escrow, $0.5M receivable.
Company recognized a $3.0M loss on the sale.
Pro forma financials remove Aircraft Management Business revenue of $120.6M (6mo 2023) and $217.3M (FY 2022).
Divestiture part of strategic focus on operational efficiency and cost reduction.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Wheels Up Experience Inc. completed a disposition involving Executive AirShare LLC for $19.1 million (closed 2023-09-30).

Action: disposition
Counterparty: Executive AirShare LLC
Consideration: $19.1 million
Closing: 2023-09-30

Exact text from the filing

assets as it focused on its operational efficiency and other cost reduction initiatives. The fair value of the aggregate consideration transferred, as of September 30, 2023, was $19.1 million and the Company recognized a loss on the sale of $3.0 million. The $19.1 million was comprised of $13.2 million of cash received on the Closing Date, contingent consideration

View on SEC.gov

31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Wheels Up Experience Inc. filing history →

Source: SEC EDGAR

accession 0001819516-24-000034

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.