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Wheels Up To Become Publicly-Traded Company Via SPAC Merger With Aspirational Consumer Lifestyle

Wheels Up Partners Holdings LLC, an aviation company that primarily serves members in the United States, said it has reached an agreement to become publicly-traded via a merger with special purpose acquisition company, Aspirational Consumer Lifestyle Corp. (ASPL), in a transaction that values Wheels Up at an enterprise value of $2.1 billion.

Aspirational was formed and is led by a partnership of consumer investors, including Chairman and Chief Executive Officer Ravi Thakran, former Group Chairman of LVMH Asia. Additionally, L Catterton, the largest global consumer-focused private equity firm, is a minority shareholder.

Upon closing of the transaction, Wheels Up will be the first private aviation platform to be listed on the New York Stock Exchange (UP).

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 $10.00 per share, including commitments from T. Rowe Price, Fidelity, Franklin Advisors, Durable Capital, HG Vora Capital Management, Third Point, Luxor Capital, and Monashee, among others.

The transaction is expected to close in the second quarter of 2021.

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