Flying taxi startup Vertical Aerospace Group announced a definitive agreement for a business combination with Broadstone Acquisition with a pro forma equity value of approximately $2.2 billion. The announcement confirms reporting earlier this week that a deal was imminent.
If approved, Vertical will list on the NYSE under EVTL following the combination, which is expected to close in the second half of 2021.
The transaction is expected to result in gross proceeds of $394 million, including PIPE investments from American Airlines, Avolon, Honeywell and Rolls-Royce. Microsoft’s M12, 40 North and Rocket Internet SE have also invested in the business. Broadstone raised $300 million in a September IPO. Read more.
