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.
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 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.