Air Partner PLC - Gatwick, England-based aviation services firm - Board accepts takeover offer from Wheels Up Experience Inc worth GBP84.8 million. Wheels Up, a New York-based provider of on-demand private aviation in the US, will pay 125 pence per share in cash. Wheels Up, which has a USD1.0 billion market capitalisation on the New York Stock Exchange, says its wants to use London Main Market-listed Air Partner to accelerate its market expansion globally. The Air Partner board says it considers the offer fair. Additionally, Amati Global Investors has agreed to the offer for its 9.98% stake. Combined with commitments from the directors and other shareholders, Wheels Up has acceptances for the offer for 27.5% of Air Partner shares.
Current stock price: 123.10 pence, up 52% on Thursday
12-month change: up 84%
By Tom Waite; thomaslwaite@alliancenews.com
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