Airshare signs LoI to buy rival Wheels Up aircraft management business

Airshare has signed a Letter of Intent (LOI) to purchase its rival Wheels Up’s aircraft management business. The move comes on the backdrop of Wheels Up announcement that the company was actively involved in discussions around strategic business partnerships on August 9, 2023. In a notification of Late Filing to the US Securities and Exchange Commission, Wheels Up said: “Without the ability to obtain additional funding in the near-term there is substantial doubt about its ability to continue operating.” The document also stated that Wheel Up had secured a short-term capital infusion to the company, from its largest shareholder, Delta Air Lines