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Vertical Aerospace to go public in $2.2 billion SPAC deal

Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors such as American Airlines, will go public through a merger with a blank-check firm in a deal valued at $2.2 billion, the company said on Thursday.

Adds details on the deal

June 10 (Reuters) - Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors such as American Airlines AAL.O, will go public through a merger with a blank-check firm in a deal valued at $2.2 billion, the company said on Thursday.

Vertical Aerospace said it has conditional pre-orders for up to $4 billion and 1,000 eVTOL aircraft, from aircraft lessor Avolon and American Airlines, and a pre-order option from Virgin Atlantic.

"If you think about transportation strategically this is the next big frontier," said Domhnal Slattery, chief executive of Avolon, the world's third-largest aircraft leasing company.

Vertical Aerospace said it has also raised funds from other companies including Honeywell HON.O and Rolls-Royce RR.L.

Vertical will be listed on the New York Stock Exchange under the ticker 'EVTL', following a deal with Broadstone Acquisition Corp BSN.N. The deal is expected to close in the second half of 2021.

(Reporting by Ankit Ajmera in Bengaluru, Tracy Rucinski in Chicago and Tim Hepher in Paris; Editing by Krishna Chandra Eluri)

((Ankit.Ajmera@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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