Archer Aviation announced a deal to acquire three subsidiaries of Boeing on Monday in exchange for a stake in the company. File Photo by Aaron Schwartz/UPI | License Photo
Aug. 10 (UPI) -- Archer Aviation announced a deal to acquire three subsidiaries of Boeing on Monday in exchange for a stake in the company.
Under the deal, Archer is acquiring Wisk Aero unit, SkyGrid and Insitu, all subsidiaries that are working on the development of autonomous aircraft. In exchange, Boeing will take a 16.5% stake in Archer.
"This is a watershed moment for Archer and the future of physical [artificial intelligence] in aerospace and defense," Adam Goldstein, founder and chief executive of Archer, said in a statement. "This is the next big step forward in becoming a diversified platform, rapidly growing our revenue base and bringing scale to our business."
Boeing will maintain access to Wisk's autonomous flight technology for use in its commercial and military aircraft. It is also granted the chance to buy up to $200 million in shares of Archer in the future.
