Archer stock jumps 22.5% after announcing purchase of Boeing subsidiaries
Business
Archer Aviation's stock shot up 22.5% in premarket trading on Monday after announcing it is buying three Boeing subsidiaries: Wisk Aero, SkyGrid, and Insitu.
This move shifts Archer from just making electric air taxis to becoming a bigger player in aviation and defense.
Archer acquisition adds over $200 million annually
The acquisition adds over $200 million in annual revenue, a huge jump from its previous $1.6 million per quarter, and brings new technology and expertise to the team.
Insitu specializes in unmanned aircraft for global defense, Wisk Aero is all about autonomous air taxis, and SkyGrid handles automated air traffic management.
Plus, Boeing will receive a stake of nearly 16.5% in Archer and could invest even more if all goes well when the deal closes by the end of 2026.