BLOMSTEIN advises SPAC Qell on billion-dollar merger with air taxi manufacturer Lilium

Qell is a publicly-traded special purpose acquisition company (“SPAC“) that seeks to invest in high-growth companies in the next generation mobility, transportation and sustainable industrial technology sectors. It was founded by former General Motors executive Barry Engle, who raised USD 380 million from investors in Qell’s IPO in September 2020. A further USD 450 million was raised as part of a private placement in public securities. As a result of the merger into the shell company Qell, Munich-based Lilium GmbH (Lilium) will be listed on New York’s Nasdaq technology exchange, with around USD 830 million available to further develop its jet.

Lilium is a German startup developing electrically powered vertical take-off and landing air vehicles. Currently, the company is valued at approximately $3.3 billion.

Qell’s advisors include Goodwin Procter, Neuland, Metis and BLOMSTEIN – we are advising Qell on Germany’s foreign direct investment (FDI) control rules as well as on export control and state aid law. The team on our side consists of Roland M. Stein, Max Klasse, Laura Louca, Pia Hesse and Vanessa Kassem. Many thanks to the Goodwin team for the good and successful cooperation and for the trust placed in us.