Electric vertical takeoff and landing (eVTOL) aircraft maker Archer Aviation Inc. is buying three units of Boeing Co.
According to a press release from Archer Aviation, the company will acquire Wisk Aero (which makes passenger electric aircraft), Insitu (which produces drones), and SkyGrid (an airspace services provider). This will give the company access to Boeing's unmanned technologies, strengthening its position in defense and commercial logistics.
Under the deal, Boeing will receive 19.75% of Archer's Class A shares and the right to appoint a representative to the company's board of directors. The aviation giant will also receive two warrants to purchase Archer shares worth up to $200 million, which can be exercised within 1-4 years after the deal closes.
Archer Aviation shares surged 16.6% in Monday trading. The company's market value has fallen 13.4% since the start of the year (to $4.25 billion), while the S&P 500 index has risen by the same amount.
Initially, Archer stated that its goal was to develop urban flights and use eVTOL aircraft as taxis. However, despite years of investment and ambitious forecasts, air taxis have not yet come close to commercial launch.
For this reason, their developers are increasingly turning to military, cargo, and government entities in search of short-term revenue and funding, industry experts note. For example, last month Archer unveiled an eVTOL at the Farnborough Airshow, developed jointly with defense company Anduril and designed for both commercial and military use.
