Latham & Watkins helping Vertical Aerospace raise money for ambitious project

Latham & Watkins helping Vertical Aerospace raise money for ambitious project

The law firm advises the leading UK engineering company developing electric vertical take-off and landing aircraft

A cross-practice team of global law firm Latham & Watkins has advised Vertical Aerospace Group Ltd (Vertical) in raiseing funds worth $2.2 billion on its definitive agreement for a business combination with Broadstone Acquisition Corp.

Vertical is a leading UK-headquartered engineering and aeronautical business that is in the process of developing electric vertical take-off and landing aircraft.

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.

Vertical has also announced investments from American Airlines, Avolon, Honeywell, and Rolls-Royce. They 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.

Commercial partnerships and individual conditional pre-orders have also been agreed upon with American Airlines and Avolon and a pre-order option from Virgin Atlantic for up to 1,000 aircraft in total.

The cross-border Latham & Watkins team was led by corporate partners Robbie McLaren and David Stewart. They were supported by associates Sarah Youssefi, Adam Czernikiewicz, and Ramón Moraleda.

Partners Jiyeon Lee-Lim and Karl Mah advised on tax matters with associates Shruti Hazra and Aaron Bradley; and on benefits matters by partners Sarah Gadd and Jennifer Pepin, with associate Adam Ray.