Executive AirShare Corporation signed a Letter of Intent to acquire Non-Core Aircraft Management Business of Wheels Up Experience Inc. (NYSE:UP) on August 9, 2023. Once signed, the deal is expected to close in the third quarter, subject to customary approvals and closing conditions. Foulston Siefkin LLP is serving as legal counsel to Airshare. Jefferies, LLC is acting as the exclusive financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Wheels Up.

Executive AirShare Corporation completed the acquisition of Non-Core Aircraft Management Business of Wheels Up Experience Inc. (NYSE:UP) for $19.1 million on September 30, 2023. The $19.1 million was comprised of $13.2 million of cash received on the Closing Date, contingent consideration with a fair value of $4.8 million, an escrow receivable of $0.6 million and a non-contingent consideration receivable of $0.5 million. The acquisition pushed Airshare's employment from 300 to 600 people. It also adds 80 to 90 aircraft to the 35 that Airshare had under maintenance contracts before the deal.