- Wheels Up Experience Inc (NYSE: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.
