Airshare, a private aviation company, announced it has signed a letter of intent to purchase Wheels Up’s aircraft management business. Once signed, the deal is expected to close in the third quarter, subject to customary approvals and closing conditions.  

Meanwhile, Wheels Up postponed its second quarter earnings release and instead announced Delta Air Lines is making a short-term capital investment in the company.

John Owen, CEO of Airshare, said aircraft management has become a core source of revenue for the company. He said that “adding aircraft capacity and valuable owner relationships to our rapidly expanding managed fleet positions us very well for the future.”

Airshare, headquartered in Overland Park, Kansas, is, according to the announcement, one of the fastest-growing companies in private aviation. Over the past 23 years, it has offered a full suite of private aviation solutions, including days-based fractional ownership and Embark jet cards, aircraft management, charter services and third-party maintenance.

Airshare has significantly extended its geographic footprint, including recent expansion into Chicago and South Florida. With this potential acquisition, according to the announcement, Airshare would have aircraft management customers nationwide, setting the stage for faster growth in aircraft management, fractional and charter programs, and the company’s long-term expansion plans.