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Three Boeing subsidiaries are moving to Archer Aviation in exchange for an undisclosed equity stake in the eVTOL startup, a structure that positions Boeing as an investor rather than an operator in electric aviation.
The execution is harder to judge when neither the stake size nor the value of the transferred units has been disclosed.
The structure of the transaction Boeing is shedding three subsidiaries and receiving Archer equity in return, avoiding the cash cost of a traditional acquisition while gaining exposure to a company developing electric vertical takeoff and landing aircraft.
For a manufacturer managing a complicated operating environment, converting subsidiary overhead into a financial position has a logic to it. What that position is worth depends entirely on Archer's trajectory.
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