Electric aircraft company Archer Aviation has acquired Wisk Aero, a former rival, three years after the companies settled a trade secret lawsuit. Boeing has agreed to sell Wisk Aero, SkyGrid, and drone maker Insitu to Archer.
Under the terms of the deal, Boeing will receive newly issued Archer shares. This will result in Boeing holding approximately a 16.5% stake in Archer after the acquisition.
The acquisition marks a new chapter for the companies, which were previously involved in a legal dispute. In April 2021, Wisk sued Archer, alleging "brazen theft" of confidential information and intellectual property. The lawsuit concluded two years later with a settlement that also initiated a new collaboration between them.