Bristol's flying taxi start-up Vertical Aerospace close to $2bn merger, Sky News reports

A Bristol-based flying taxi start-up is in "advanced talks" about a $2bn merger deal that would see it listed on a US stock market, according to Sky News. 

The report said that Vertical Aerospace, which was started five years ago by OVO Energy founder Stephen Fitzpatrick, is in talks with Broadstone Acquisition Corp in a deal would see the start-up go public in New York.

Vertical Aersopace, which claims to be "revolutionising urban air mobility and electrifying travel", is developing an airborne taxi with tilting propellers that enable it to take off and land like a helicopter but to fly more like a conventional plane. According to The Times, its VA-X4 model "will carry four passengers plus a pilot, move near-silently at more than 200mph and be powered entirely by batteries". 

If the deal takes place, Vertical Aerospace would be the latest promising British tech firm to choose to list abroad. Farfetch, the fashion marketplace, is also traded in the US, while the car buying website Cazoo announced earlier this year that it would merge with an American company and list in New York.