Bristol-based Aerospace manufacturer Vertical Aerospace, 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.The bristol-based Aerospace manufacturer said it has pre-orders for up to 1,000 eVTOL aircraft with launch customers Avolon and American Airlines, along with a pre-order option from Virgin Atlantic, all valued at up to $4 billion.
Domhnal Slattery, chief executive of Avolon, the world’s third-largest aircraft leasing company said that if you think about transportation strategically this is the next big frontier. Whether it is airlines operating this as an add-on product or ride-sharing businesses in different jurisdictions, I think it is going to take a lot of different forms over time.
Europe’s top regulator said last month the region could see the first flying taxis enter service as early as 2024. The Bristol-based Aerospace manufacturer will be listed on the New York Stock Exchange under the ticker ‘EVTL’, following a deal with Broadstone Acquisition. The deal is expected to close in the second half of 2021.American Airlines and Avolon, as well as Honeywell and Rolls-Royce, have invested in Vertical via a private investment in a public equity transaction, the company said. Microsoft’s venture fund M12, investment manager 40 North and venture capital firm Rocket Internet SE are also some of Vertical’s investors.