Qell Acquisition Corp.’s Business Combination With Lilium GmbH

Goodwin Procter LLP, Blomstein, Neuland, Houthoff, Metis and Homburger advised Qell Acquisition Corp. on the deal, while Hengeler Mueller advised Tencent on the transaction. Milbank LLP represented Lightrock and LGT on the deal. Latham & Watkins advised Atomico. CMS Hasche Sigle advised Baillie Gifford. Ropes & Gray advised Lilium on the deal.

Qell Acquisition Corp., a publicly listed special purpose acquisition company (Nasdaq: QELL), announced its definitive business combination agreement with Lilium GmbH. The transaction values the combined company at an implied $3.3 billion pro forma equity value at the $10.00 per share PIPE price. The combined company is expected to receive approximately $830 million of gross proceeds from a fully committed common stock PIPE offering of $450 million, along with approximately $380 million cash held in trust, assuming minimal redemptions of Qell’s existing public stockholders. The PIPE included participation from leading strategic and long-term financial investors including Baillie Gifford, funds and accounts managed by BlackRock, Tencent, Ferrovial, LGT and its direct impact investing arm Lightrock, Palantir, FII Institute and private funds affiliated with PIMCO.

The Boards of Directors of both Qell and Lilium have unanimously approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to the approval by Qell’s stockholders and the satisfaction or waiver of other customary closing conditions identified in the business combination agreement. Upon closing of the transaction, the company will be called Lilium, and it is anticipated that ordinary shares will be listed on the Nasdaq under the ticker symbol “LILM.”

Lilium GmbH is positioned to be the global leader in regional electric air mobility. The 7-Seater Lilium Jet, an electric vertical take-off and landing jet, and Lilium’s service for people and goods, enable sustainable, high-speed transportation.

Formed in San Francisco in August 2020, Qell was created to invest in a high-growth business in the next-generation mobility, transportation or sustainable industrial technology sectors. The management team, led by Barry Engle, a former president of General Motors North America, has deep experience and networks across both incumbents and emerging technology companies.

The Goodwin team consisted of Joshua Klatzkin (Picture), Jocelyn Arel, Michelle Tong, John Haggerty, Gregor Klenk, Heiko Penndorf, Felix Krueger, Priya Rupal, Chris Buck and Stefania Athanassopoulou.

The Hengeler Mueller was led by Jens Wenzel and Dirk Busch, and included Jan Bonhage, Markus Ernst, Fabian Seip, Clemens Höhn, Erasmus Hoffmann, Frederic Geber, Norman Koschmieder and Cornelia Gersch.

The Milbank team was led by partner Peter Nussbaum and special counsel Michael Pujol (both Corporate/M&A, Munich) and included the partners Scott Golenbeck (Corporate/M&A, New York) and Rod Miller (Capital Markets, New York) as well as the associates Benjamin Leuchten, Christina Beck (both Corporate/M&A, Munich) and Avni Mehta (Corporate/M&A, New York).

Latham & Watkins advised Atomico, a key shareholder in Lilium GmbH, with a team led by London corporate partner Mike Turner and associate Medha Marathe, with advice from Hamburg counsel Jana Dammann, Houston partner Ryan Maierson, and Los Angeles associate David Pendergast.

The CMS team was led by Steffen König.

The Metis team included Prof. Dr. Daniel Benkert and Lena Fersch.

The Neuland team was led by Christoffer Bortz.

The Blomstein team was headed by Roland Stein.

Ropes & Gray advised Lilium with a team led by mergers & acquisitions and capital markets partners Carl Marcellino (New York). It included mergers & acquisitions and capital markets partners Tara Fisher (Boston), Paul Tropp (New York) and Libby Todd (London), tax partner Elaine Murphy (Boston), IP transactions partner Regina Sam Penti (Boston) and benefits partners Renata Ferrari and Loretta Richard (both of Boston).

The Homburger team was led by Daniel Daeniker and included Carlo Sulser, Stefan Luginbühl and Tanja Niederer.

The Houthoff team consisted of Paul de Vries, Sylvia Dikmans, Guillette van Grinsven, Marijn van Horen, Joris Verbaandert led by Jetty Tukker.

Involved fees earner: Roland Stein – Blomstein; Jocelyn Arel – Goodwin Procter; Stefania Athanassopoulou – Goodwin Procter; Chris Buck – Goodwin Procter; John Haggerty – Goodwin Procter; Joshua Klatzkin – Goodwin Procter; Gregor Klenk – Goodwin Procter; Felix Krueger – Goodwin Procter; Heiko Penndorf – Goodwin Procter; Priya Rupal – Goodwin Procter; Michelle Tong – Goodwin Procter; Dirk Busch – Hengeler Mueller; Markus Ernst – Hengeler Mueller; Frederic Geber – Hengeler Mueller; Cornelia Gersch – Hengeler Mueller; Erasmus Hoffmann – Hengeler Mueller; Clemens Höhn – Hengeler Mueller; Norman Koschmieder – Hengeler Mueller; Fabian Seip – Hengeler Mueller; Jens Wenzel – Hengeler Mueller; Daniel Daeniker – Homburger; Stefan Luginbühl – Homburger; Tanja Niederer – Homburger; Carlo Sulser – Homburger; Paul de Vries – Houthoff; Sylvia Dikmans – Houthoff; Jetty Tukker – Houthoff; Guillette van Grinsven – Houthoff; Marijn van Horen – Houthoff; Joris Verbaandert – Houthoff; Jana Dammann de Chapto – Latham & Watkins; Ryan Maierson – Latham & Watkins; Medha Vinayak Marathe – Latham & Watkins; David Pendergast – Latham & Watkins; Mike Turner – Latham & Watkins; Daniel Benkert – METIS Rechtsanwälte PartG mbB; Lena Fersch – METIS Rechtsanwälte PartG mbB; Christina Beck – Milbank LLP; Scott Golenbock – Milbank LLP; Benjamin Leuchten – Milbank LLP; Avni Mehta – Milbank LLP; Rod Miller – Milbank LLP; Peter Nussbaum – Milbank LLP; Michael Pujol – Milbank LLP; Christoffer Bortz – Neuland legal Rechtsanwälte PartG mbB ; Taylor Ball – Orrick Herrington & Sutcliffe LLP; Ben Boi Beetz – Orrick Herrington & Sutcliffe LLP; Harry Clark – Orrick Herrington & Sutcliffe LLP; Oliver Duys – Orrick Herrington & Sutcliffe LLP; Carsten Engelings – Orrick Herrington & Sutcliffe LLP; Christopher Grew – Orrick Herrington & Sutcliffe LLP; Saira Henry – Orrick Herrington & Sutcliffe LLP; Justin Ho – Orrick Herrington & Sutcliffe LLP; Timo Holzborn – Orrick Herrington & Sutcliffe LLP; Viktor Kolberg – Orrick Herrington & Sutcliffe LLP; Douglas Lahnborg – Orrick Herrington & Sutcliffe LLP; Tommy Li – Orrick Herrington & Sutcliffe LLP; Jeanine McGuinness – Orrick Herrington & Sutcliffe LLP; Lars Mesenbrink – Orrick Herrington & Sutcliffe LLP; Marsha Mogilevich – Orrick Herrington & Sutcliffe LLP; Kirstie Parr – Orrick Herrington & Sutcliffe LLP; Martina Pfaffinger – Orrick Herrington & Sutcliffe LLP; Stefan Renner – Orrick Herrington & Sutcliffe LLP; Christoph Rödter – Orrick Herrington & Sutcliffe LLP; Mark Rossbroich – Orrick Herrington & Sutcliffe LLP; Julius Schradin – Orrick Herrington & Sutcliffe LLP; Stefan Schultes-Schnitzlein – Orrick Herrington & Sutcliffe LLP; Nell Scott – Orrick Herrington & Sutcliffe LLP; Michael Yang – Orrick Herrington & Sutcliffe LLP; Renata Ferrari – Ropes & Gray; Tara Fisher – Ropes & Gray; Carl Marcellino – Ropes & Gray; Elaine Murphy – Ropes & Gray; Loretta Richard – Ropes & Gray; Regina Sam Penti – Ropes & Gray; Elizabeth Todd – Ropes & Gray; Paul Tropp – Ropes & Gray;

Law Firms: Blomstein; Goodwin Procter; Hengeler Mueller; Homburger; Houthoff; Latham & Watkins; METIS Rechtsanwälte PartG mbB; Milbank LLP; Neuland legal Rechtsanwälte PartG mbB ; Orrick Herrington & Sutcliffe LLP; Ropes & Gray;

Clients: Atomico Investment Holdings Limited ; Lightrock; Lilium GmbH; Qell Acquisition Corp.; Tencent Holdings Inc.;

Author: Martina Bellini