Flying tax startup Vertical Aerospace to go public via SPAC merger?
A British 'flying taxi' company, which was established by Stephen Fitzpatrick five years ago and the founder of OVO Energy is in advanced talks about a $2bn merger with BSN that will see another major British technology company heading for the US public markets.
The deal was likely to value Vertical Aerospace, which is targeting its first commercial flights in 2024, at close to $2bn (£1.4bn). It will tap into a growing investor frenzy in the area of urban air mobility (UAM), as governments and transport and infrastructure groups grapple with the future of travel in a decarbonising world. Bristol-based Vertical Aerospace was conceived as a zero-carbon aviation pioneer by Mr Fitzpatrick, who is regarded as having assembled one of the leading teams in the industry.
The decision to list Vertical Aerospace in New York will be particularly pointed because the deal involves two of Britain's best-known entrepreneurs in Mr Fitzpatrick and Mr Osmond, and a potential British engineering export champion in the form of Vertical Aerospace. As a result, the merger is likely to reinforce concerns about the depth of the UK capital markets, and UK-based investors' willingness to back tech companies which require large amounts of long-term capital in order to deliver their commercial potential.Read more