'Delta, Certares And Knighthead Accelerate Wheels Up Business Transformation With Expanded Strategic Partnership' - Delta News Hub
Portfolio Pulse from Happy Mohamed
Delta Air Lines, Certares Management, and Knighthead Capital Management have announced an expanded partnership with Wheels Up Experience to accelerate the company’s business transformation. The partnership includes a non-binding agreement for a $500 million facility to Wheels Up, which includes funds contributed by Delta and CK Opportunities Fund I. The lenders will receive newly issued Wheels Up Class A common stock, resulting in the lenders owning approximately 95% of the company's equity. Delta CFO Dan Janki will join the Wheels Up Board of Directors as Chairman.
August 15, 2023 | 4:33 pm
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Delta Air Lines is expanding its partnership with Wheels Up and contributing to a $500 million facility. Delta's CFO will join the Wheels Up Board as Chairman.
Delta's expanded partnership with Wheels Up and its contribution to the $500 million facility could potentially strengthen its position in the premium travel sector. The appointment of Delta's CFO as Chairman of the Wheels Up Board further solidifies the relationship between the two companies.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Wheels Up is receiving a $500 million facility from its expanded partnership with Delta, Certares, and Knighthead. The lenders will own approximately 95% of Wheels Up's equity.
The $500 million facility and the expanded partnership with Delta, Certares, and Knighthead could potentially accelerate Wheels Up's business transformation. The lenders owning approximately 95% of Wheels Up's equity could lead to significant changes in the company's operations and strategy.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100