Electric aircraft startup Lilium finds a buyer.
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Struggling German electric jet maker Lilium has found a buyer for its assets as it makes thousands of staff redundant.
The last minute deal on Christmas Eve saw an asset purchase agreement with Mobile Uplift Corporation GmbH, a company set up by a consortium of investors from Europe and North America, including private equity funds. The value of the deal has not been disclosed.
Mobile Uplift intends to acquire the operating assets of Lilium GmbH and Lilium eAircraft GmbH which went into receivership in November while trying to build a commercial eVTOL electric aircraft.
Parent company Lilium NV expects that the agreement to provide sufficient funding to restart the business operations. Proceeds received from the sale will be utilized according to German Insolvency Law, with no amounts being distributed to Lilium N.V.
KPMG had been in discussions with potential investors who have indicated interest in the assets and/or business of the subsidiaries. These interests have been considered by Lilium GmbH’s creditor’s committee as part of the KPMG-led M&A process.
Mobile Uplift intends to employ the staff immediately after the closing of the transaction, which is expected in early January.
“We are very pleased to announce the signing of an investment agreement with a very experienced consortium of investors, which is a major breakthrough” said Klaus Roewe, CEO of Lilium. “Deal closing at the beginning of January will allow us to restart our business.”
www.lilium.com
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