Wheels Up, the fast-growing private aviation start-up, acquired jet operator Gama Aviation, creating the second-biggest private aviation company in the U.S.
Terms weren't disclosed by the two companies, which are both privately held. But the deal transforms Wheels Up, founded in 2013 by Kenny Dichter with a focus on short-trip turbo-props, into an all-purpose private jet company going head to head against industry giant NetJets.
The deal marks the latest in a string of acquisitions by Wheels Up to attract more private jet-setters and expand its fleet and services.private jet division, which owned and operated a fleet of private jets. Wheels Up also bought Travel Management Co., which operates smaller light jets, and Avianis Systems, a leading aviation-tech company that boosted Wheels Up's digital services.
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