Vertical Aerospace Announces Intention to become Publicly Traded Company via Merger with Broadstone Acquisition Corp.

Vertical Aerospace Announces Intention to become Publicly Traded
Company via Merger with Broadstone Acquisition Corp.
Investment from Microsoft’s M12, American Airlines, Avolon, Honeywell
and Rolls-Royce.
Conditional pre-orders for up to $4bn and 1000 eVTOL aircraft, from
Avolon and American Airlines and a pre-order option from Virgin Atlantic

  • Vertical Aerospace is a leading UK-headquartered engineering and aeronautical business founded in 2016 by energy tech entrepreneur Stephen Fitzpatrick to develop electric Vertical Take-Off and Landing (eVTOL) aircraft.
  •  Microsoft’s M12, American Airlines, Avolon, Honeywell, and Rolls-Royce all investing via the PIPE. Rocket Internet and 40 North key financial investors.
  • American Airlines, Virgin Atlantic, Avolon, Honeywell, Rolls-Royce, GKN and Solvay all providing individual expertise through partnerships with Vertical.
  •  Up to 1000 aircraft pre-orders with launch customers American Airlines, and Avolon, with pre-order option for Virgin Atlantic, valued at up to $4bn
  • American Airlines and Vertical expect to work on passenger operations and infrastructure development in the USA. Virgin Atlantic and Vertical to explore JV to develop launch of Virgin Atlantic branded short haul eVTOL network in the UK.
  •  Outstanding in-house engineering team assembled with backgrounds from the senior levels of Rolls-Royce, Airbus, UK Ministry of Defence, Jaguar Land Rover and General Dynamics.
  •  Targeted profitability and cash flow breakeven with annual sales of less than 100 aircraft.
  •  Commercial operations planned for 2024 once certified under EASA; intends to be certified to same safety standards as large commercial aircraft.
  • Supported by the Broadstone team, with proven investment track record, delivering 48% IRR and 3.5x MOM returns (based on the weighted averages from investments during the period March 1993 to date).
  •  Attractive entry point for investors structured to provide alignment with founder and sponsor. Stephen Fitzpatrick to remain largest shareholder.
  • Transaction is expected to close in second half of 2021 and values the combined company at a pro forma enterprise value of approximately $1.84 billion and pro forma equity value of $2.2 billion at the $10.00 per share PIPE price. Transaction expected to result in gross proceeds of $394 million.

 

JUNE 10, 2021, NEW YORK & BRISTOL

Vertical Aerospace Group Ltd. (“Vertical”), a leading UK-headquartered engineering and aeronautical business developing electric Vertical Take-Off and Landing (eVTOL) aircraft, has entered into a definitive agreement for a business combination with Broadstone Acquisition Corp. (NYSE: BSN) (“Broadstone”), a special purpose acquisition company. The transaction will result in Vertical becoming a publicly-traded company, with a pro forma equity value of approximately $2.2 billion. Vertical will be listed on the New York Stock Exchange following the combination, which is expected to close in the second half of 2021,
under the ticker EVTL.

Vertical is also announcing today investments from American Airlines, Avolon, Honeywell and Rolls-Royce, who have invested in the PIPE and are part of Vertical’s strategic partner ecosystem; Microsoft’s M12, 40 North and Rocket Internet SE have also invested in the business

Full Press Release Here

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