A Bristol-based flying taxi company is in $2 billion merger talks with an American investment firm, it has emerged.
Vertical Aerospace, whose tilting propellers allow its planes to take off like a helicopter but fly like a plane, is in advanced talks with Broadstone, a US-listed special acquisition fund, according to Sky News.
Vertical - which is based near Temple Meads - is reportedly in discussions about a $2bn (approximately £1.4bn) deal, despite the company being just five years old and having seemingly only produced prototypes thus far.
The first flight of its new flagship plane, the VA-X4, is planned for this year, with commercial operations dated for 2024.
The VA-X4 will be fully electric - with the engines being provided by Rolls-Royce - and will be able to carry four passengers at up to 200mph.
Test flights of earlier designs have reportedly been carried out in Gloucestershire.
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Vertical was founded by Stephen Fitzpatrick, the Northern Irish-born businessman behind Ovo Energy, and is run by Michael Cervenka, a Bristol University graduate and former Rolls-Royce executive.
The company is thought to be the UK's only eVTOL (electric vertical take-off and landing craft) maker, and is racing to become the first of its kind in the world to launch a commercial craft.
Vertical Aerospace was approached for comment.
