Reid Hoffman-led SPAC to merge with Joby Aviation
February 25, 2021
Air taxi specialist Joby Aviation has agreed to go public through a merger with Reinvent Technology Partners, the latest in a growing list of SPAC deals for electric aviation companies.
- The blank-check company is sponsored by LinkedIn co-founder Reid Hoffman, who will join the new company's board of directors, and Zynga founder Mark Pincus.
- The combined company is valued at $6.6 billion in the deal, which includes $1.6 billion in cash. Santa Cruz, Calif.-based Joby reached a $2.6 billion valuation early last year, according to PitchBook data.
- Uber invested in an $835 million PIPE round that was part of the deal, joining the Baupost Group, BlackRock, Fidelity Management & Research and Baillie Gifford. Joby acquired the ridehailing giant's flying car business, Uber Elevate, in December.
- Joby is teaming up with Toyota to produce its aircraft and plans to launch an electric air taxi service in 2024. Toyota led the company's $620 million Series C last year, with other investors including Intel Capital and JetBlue Technology Ventures.
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