Boeing is selling off three subsidiaries to Archer Aviation in an all-stock deal and will become a “strategic partner” in the electric aircraft startup, the companies announced today.
Under agreements inked by the two firms, a joint press release says Boeing will transfer ownership of its drone subsidiary Insitu, air traffic management company SkyGrid and electric aircraft maker Wisk Aero, which was once a fierce rival of Archer. In exchange, Boeing will take a nearly 16.5 percent stake in Archer, according to the New York Times.
Brian Yutko, Boeing’s vice president for commercial airplanes product development, called the deal a “win-win” for both firms.
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