(Bloomberg) -- Lilium, a German startup that's making an all-electric vertical takeoff and landing passenger jet, is in talks to go public through a merger with Qell Acquisition Corp., a special purpose acquisition company, according to people with knowledge of the matter.
Qell has begun discussions to raise new equity for a transaction to value the combined entity at more than $2 billion, said one of the people, who requested anonymity. As with any deal that hasn't been finalized, it's possible terms change or talks fall apart.
Representatives of Qell and Lilium declined to comment.
Munich-based Lilium, co-founded in 2015 by engineers Daniel Wiegand, Sebastian Born, Matthias Meiner and Patrick Nathen, became a so-called unicorn last year after raising $35 million from Baillie Gifford & Co.
Read more: German Flying Taxi Startup Joins Unicorn Club With New Funding
Lilium said in January that it would work with Ferrovial SA to develop at least 10 “vertiports” to serve locations throughout Florida. It expects the jets to be available in cities around the world by 2025, its website shows.
Qell, led by former General Motors Co. executive Barry Engle, raised $350 million in a September initial public offering and said it'd seek out a target in the next-generation mobility, transportation and sustainable industrial technology sectors.
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