German electric air mobility pioneer Lilium GmbH ("Lilium") has entered into a business combination agreement with the U.S. listed special purpose acquisition company (SPAC) Qell Acquisition Corp. ("Qell"). Upon closing of the business combination, Lilium will be organised as a wholly-owned subsidiary of a Dutch stock corporation (NV), and is anticipated to be listed on Nasdaq under the ticker symbol "LILM". Tencent Holdings Ltd., a leading Chinese technology company and incumbent shareholder of Lilium, will provide additional capital to Lilium via a PIPE arrangement alongside a number of prominent co-investors.
Hengeler Mueller advises Tencent on the transaction, together with U.S. law firm Davis Polk & Wardwell, and Dutch law firm Nauta Dutilh. The Hengeler Mueller team is led by partners Jens Wenzel (M&A/Venture Capital, Berlin) and Dirk Busch (Capital Markets, Düsseldorf), and includes partners Jan Bonhage (Foreign Trade Law/Regulatory, Berlin) and Markus Ernst (Tax, Munich), counsel Fabian Seip (IP/IT, Berlin) as well as associates Clemens Höhn (M&A/Venture Capital), Erasmus Hoffmann (Foreign Trade Law), Frederic Geber (all Berlin), Norman Koschmieder (Düsseldorf) (both Regulatory) and Cornelia Gersch (IP/IT, Berlin).