Wheels Up Reveals Minority Investment In Tropic Ocean Airways

Wheels Up Experience Inc 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.