An agreement has been reached to create one of the world’s largest owned and managed fleets of private aircraft. Delta Private Jets, a wholly owned subsidiary of Delta will be partnering with Wheels Up’s membership programs. When the transaction closes, Wheels Up will have a fleet of more than 190 private aircraft and over 8,000 members and customers. Delta will also hold an equity position in Wheels Up.

The transaction will provide an array of new products and valuable features for existing and prospective customers of Wheels Up, Delta Private Jets and Delta to make private aviation travel more accessible to all. Details will be announced when the transaction closes.

Wheels Up Founder and CEO Kenny Dichter will continue in his role leading the Wheels Up senior management team as it builds its partnership with Delta. Additionally, Wheels Up is committed to providing ongoing career opportunities for Delta Private Jets employees, who provide world-class private travel, safety and service.

The transaction is expected to close early next year, and in the interim, Delta Private Jets and Wheels Up will continue to serve and communicate with their existing employees, customers, members, partners and vendors in the same manner in which they do today.

The transaction is subject to customary closing conditions and required governmental and regulatory approvals. Financial terms of the transaction will not be disclosed, and there is no expected impact to Delta’s 2019 financial guidance.