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Jan 21 (Reuters) - Electric passenger aircraft developer Joby Aero Inc is exploring a deal to go public through a merger with a blank-check acquisition firm at a valuation of around $5 billion, according to people familiar with the matter.
Joby has hired investment banks to solicit interest from so-called special purpose acquisition companies (SPACs) about a potential deal, the sources said.
The sources requested anonymity because the discussions are confidential and cautioned that no deal is certain. Joby did not immediately respond to a request for comment.
Joby is developing an all-electric, zero-emissions vertical aircraft which it is aiming to deploy as an air taxi service by 2023 at the earliest. The Santa Cruz, California-based company last month agreed to take over Uber Technologies Inc’s flying taxi unit Elevate. Uber took a stake in Joby as part of the deal.
General Motors Company (NYSE: GM) hit new 52-week highs as the company took part as a keynote presenter at the virtual 2021 Consumer Electronics Show .
Press release content from Business Wire. The AP news staff was not involved in its creation.
Blade and Ross Aviation Announce Strategic Alliance
January 8, 2021 GMT
NEW YORK & DENVER (BUSINESS WIRE) Jan 8, 2021
BLADE Urban Air Mobility (“Blade”) and Ross Aviation entered into a strategic alliance to expedite the roll-out of urban air mobility services in the regions where Ross Aviation and Blade operations overlap. In December of 2020, Experience Investment Corp. (NASDAQ: EXPC) agreed to merge with Blade, which will create, following the closing of the merger, the only publicly traded urban air mobility platform in the United States.
Under the strategic alliance, Blade plans to launch a pilot program offering daily helicopter flights between Ross Aviation’s West Terminal at the Westchester County Airport (the “Airport”) and Blade heliport terminals in Manhattan to serve commuters from the Westchester/Connecticut area. In 2019 alone, these commuters took more than 40
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Flying taxi operator Blade will soon trade as a public company after merging with special purpose acquisition company Experience Investment Corp, valuing the company at $825 million.
New York-based Blade provides private charter transport via helicopters, seaplanes and jets around cities and to vacation destinations, as well other medical services.
Experience Investment Corp is sponsored by an affiliate of KSL Capital Partners. It closed its own initial public offering in September last year, raising $275 million. It plans to list its new venture, which will be called Blade Urban Air Mobility, on Nasdaq in the first half of 2021.