Joele Frank is piloting Reinvent Technology Partners’ deal to acquire Joby Aviation, maker of electrical vertical takeoff/landing aircraft (eVTOL).
RTP is the SPAC of LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. The deal values Joby at $6.6B.
Joby plans to develop an air taxi service, carrying passengers on trips from five to 150 miles.
Its goal is to “revolutionize how people move by unlocking the possibility to leapfrog sustainably over the gridlock below in its piloted, four-passenger, emissions-free aircraft."
Joby has completed more than 1,000 test flights during the past decade and in 2020 became the first company to file eVTOL certification with the Federal Aviation Administration.
The company hopes to launch commercial service in the US in 2024, before scaling globally using its own “vertiports” and existing heliport/airport infrastructure.
Joby, which has partnerships with Toyota and Uber, sees a potential $500B market in the US and a more than $1T opportunity overseas.
Hoffman believes “Joby is well-positioned to create a transformative new human-centered mobility network."
Joele Frank, Wilkinson Brimmer Katcher has Ed Trissel, Jon Keehner and Scott Bisang representing RTP.