Electric jet manufacturer Lilium today announced plans to merge with Qell Acquisition, led by Barry Engle, a former president of General Motors North America, in a deal that values the combined enterprise at $3.3 billion.
Total gross proceeds to the company are expected to be approximately $830 million, including $380 million in cash currently held in trust (assuming no or minimal redemptions) and a $450 million PIPE, including investments by Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, Atomico, FII Institute and private funds affiliated with PIMCO.
Lilium’s existing shareholders will roll 100 percent of their shares into the combined company. Read more.
