Wheels Up is reportedly in talks to go public via a special purpose acquisition company (SPAC) merger with Aspirational Consumer Lifestyle Corp (NYSE:ASPL).
Here’s everything potential investors in ASPL stock need to know about the Wheels Up SPAC merger rumors.
- Inside sources claim that the two companies are discussing a deal that would have Aspirational Consumer Lifestyle Corp merging with Wheels Up to take it public.
- The deal could value the combined company higher than $2 billion.
- That’s roughly double Wheels Up’s latest valuation of $1.1 billion after a private round of funding in 2019.
- The sources of this rumor claim that Aspirational Consumer Lifestyle Corp is seeking private investment in public equity (PIPE) to fund the deal.
- Funds from the PIPE would be used in combination with the $225 million raised in the ASPL stock IPO to fuel the merger with Wheels Up.
- Neither company is speaking about the matter yet and insiders are choosing to remain anonymous due to the nature of the deal.
- Wheels Up is a private jet company that allows people to rent out planes for flights.
- It offers multiple packages depending on how often a person plans to make use of the service.
- Aspirational Consumer Lifestyle Corp is a blank check company created to bring another company public via a merger.
- Its target for merger includes “premium brands that offer an aspirational lifestyle experience to consumers.”
ASPL stock was up 4% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.