Wheels Up Experience has announced two significant developments that advance its long-term fleet modernisation and growth strategy: the completion of a sale-and-lease-back transaction covering part of its Phenom and Challenger fleets, and the entry into service of its first Phenom 300 aircraft equipped with Gogo Galileo HDX satellite Wi-Fi. Together, these milestones strengthen the company’s capital position, support planned expansion in 2026, and enhance the customer experience across its fleet.
The company continues to execute on its previously announced strategy to scale a standardised, modern fleet centred on Bombardier Challenger 300 series and Embraer Phenom 300-series aircraft. Demand for these aircraft types has been strong, particularly in support of Wheels Up’s recently launched Signature membership. In the fourth quarter, the company acquired, or entered into definitive agreements to acquire, ten additional Challenger and Phenom aircraft. Wheels Up also confirmed its intention to continue expanding these fleets materially in 2026 to meet anticipated demand.
To support this growth while improving capital efficiency, Wheels Up has entered into a sale-and-lease-back agreement with an institutional capital provider. The transaction covers ten aircraft in total: three Challenger 300s and seven Phenom 300s. Under the arrangement, Wheels Up will continue to operate all aircraft under long-term operating leases, ensuring uninterrupted availability for members and customers, including during peak travel periods. The aircraft have been, or will be, painted, branded, refurbished, and fitted with HDX satellite Wi-Fi, in line with the company’s aim to deliver a consistent, best-in-class fleet experience.
The sale is valued at approximately US$105 million. Upon closing, Wheels Up expects to use around US$65 million of the proceeds to repay outstanding debt under its revolving equipment notes facility, with the remaining US$40 million strengthening the balance sheet. The additional liquidity and borrowing capacity unlocked by the transaction are expected to fund further Challenger and Phenom acquisitions planned for 2026. The deal is expected to close before year end and supports the company’s shift towards a more asset-light operating model.
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