Vertical Aerospace’s $2.2 Billion Business Combination With Broadstone Acquisition Corp.

Latham & Watkins advised Vertical Aerospace Group Ltd. (Vertical) on the deal, while Winston & Strawn represented Broadstone Acquisition Corp.

Vertical Aerospace Group Ltd. (Vertical), a leading UK-headquartered engineering and aeronautical business developing electric vertical take-off and landing aircraft, closed its definitive agreement for a business combination with Broadstone Acquisition Corp., a special purpose acquisition company. The transaction will result in Vertical becoming a publicly-traded company, with a pro forma equity value of approximately US$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 is also announcing 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. Commercial partnerships and individual conditional pre-orders have also been agreed 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 team was led by corporate partners Robbie McLaren (Picture) and David Stewart, with associates Sarah Youssefi, Adam Czernikiewicz, and Ramón Moraleda. Advice on tax matters was provided by partners Jiyeon Lee-Lim and Karl Mah, with associates Shruti Hazra and Aaron Bradley; and on benefits matters by partners Sarah Gadd and Jennifer Pepin, with associate Adam Ray.

Winston & Strawn’s team representing Broadstone Acquisition Corp. included Paul Amiss, Peter Crowther, Ed Denny, David A. Sakowitz, Nicholas Usher, and Claudia Holt.

Involved fees earner: Aaron Bradley – Latham & Watkins; Adam Czernikiewicz – Latham & Watkins; Sarah Gadd – Latham & Watkins; Shruti Hazra – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Karl Mah – Latham & Watkins; Robbie McLaren – Latham & Watkins; Ramón Moraleda – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Adam Ray – Latham & Watkins; David Stewart – Latham & Watkins; Sarah Youssefi – Latham & Watkins; Paul Amiss – Winston & Strawn; Michael Blankenship – Winston & Strawn; Peter Crowther – Winston & Strawn; Ed Denny – Winston & Strawn; Claudia Holt – Winston & Strawn; David Sakowitz – Winston & Strawn; Nicholas Usher – Winston & Strawn;

Law Firms: Latham & Watkins; Winston & Strawn;

Clients: Broadstone Acquisition Corp.; Vertical Aerospace;

Author: Martina Bellini