Executive AirShare Corporation completed the acquisition of Non-Core Aircraft Management Business of Wheels Up Experience Inc. (NYSE:UP) for $19.1 million.
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.