Wheels Up Reveals Minority Investment In Tropic Ocean Airways

  • Wheels Up Experience Inc UP has established a strategic partnership and minority investment in Tropic Ocean Airways. Deal terms were not disclosed.
  • Tropic Ocean, founded in 2009, operates a fleet of wheeled and amphibious aircraft and serves more than 70 destinations through private and shared charters.
  • The multi-year commercial agreement provides for integrating Tropic Ocean's charter and certain scheduled by-the-seat services into Wheels Up's marketplace.
  • Wheels Up members and customers will be able to directly book and pay for travel on Tropic Ocean flights through their normal Wheels Up booking channels.
  • The parties will initially focus on the Tropic Ocean's current coverage area, with a plan to expand to additional U.S. and Caribbean markets over time.
  • Price Action: UP shares are trading higher by 1.68% at $3.33 on Wednesday's last check.
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