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Vertical Aerospace to go public in $2.2 billion SPAC deal

Stock Markets9 minutes ago (Jun 10, 2021 05:01PM ET)

(C) Reuters. FILE PHOTO: An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake

(Reuters) -Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors such as American Airlines (NASDAQ:AAL), 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 (NASDAQ:HON) and Rolls-Royce (OTC:RYCEY).

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

Vertical Aerospace to go public in $2.2 billion SPAC deal

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