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Cooley, Kirkland Pilot SPAC Merger For $3.8B Air Taxi Startup
Law360 (February 10, 2021, 11:25 AM EST) Air taxi startup Archer Aviation, advised by Cooley, will go public at a $3.8 billion valuation by merging with a special purpose acquisition company represented by Kirkland & Ellis, the companies said Wednesday, the same day United Airlines announced a partnership with Archer.
The deal sees Palo Alto, California-based Archer merging with Atlas Crest Acquisition Corp., a SPAC backed by investment bank Moelis & Co., according to a statement. Archer, formed in 2018, is developing what it says is the world s first commercially viable all-electric [urban air mobility] platform. As a result of the transaction, Archer will become publicly listed on.
ROME (dpa-AFX) - Archer and Fiat Chrysler Automobiles NV (FCA) said Tuesday that they have entered into a definitive agreement that will enable Archer to benefit from access to FCA's low-cost
Fiat Chrysler teams with silicon valley startup on new air taxi
Justin Bachman
Fiat Chrysler Automobiles NV will help Archer, a California startup, try to reduce production costs on a proposed electric aircraft designed to reduce traffic congestion and pollution.
The automaker’s low-cost supply chain and expertise in advanced materials and engineering will help to make Archer’s vehicle more affordable, the companies said in statement Tuesday. Archer said it plans to unveil its aircraft early this year, with production intended to start in 2023.
“Electrification within the transportation sector whether on roads or in the air is the future and with any new and rapidly developing technology, scale is important,” Doug Ostermann, Fiat Chrysler’s head of global business development, said in the statement. He cited mutual benefits from the partnership and said it would hasten the arrival of new transportation options.