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Surf Air Mobility to go public via merger with SPAC Tuscan Holdings and acquire Southern Airways

Surf Air Mobility said Wednesday it has entered an agreement to go public by merging with special-purpose acquisition corporation Tuscan Holdings Corp. II in a deal with an enterprise value of $1.42 billion. Surf Air, which provides a regional air mobility platform with scheduled flights and on-demand charter flights, has also agreed to acquire Southern Airways Corp. and expects that deal to close concurrently with the SPAC merger. Southern Airways is an operator of passenger Cessna Grand Caravans and has more than 300,000 customers across 39 cities conducting more than 60,000 flights in 2021, the company said in a statement. That deal is expected to expand Surf Air’s air mobility platform nationwide and its founder and CEO Stan Little will serve as president. Surf Air has also signed an MOU with Signature Aviation, which it says is the world’s biggest private aviation terminal operator, to market and scale sustainable aviation fuel and co-develop technology for electrified aircraft charging infrastructure. Surf Air is expected to receive up to $467 million in gross proceeds from investors that include iHeartMedia, and Partners For Growth, and a committed equity line from Global Emerging Markets, as well as from Tuscan’s cash in trust. Surf Air’s existing investors include IVP, NEA, Anthem Ventures, Plus Capital, Base Ventures, Bill Woodward, Thor Björgólfsson, Jo Bamford, and other venture and private investors. The deal is expected to close in the second half and the combined company is expected to generate pro forma revenue of $100 million in 2022. The deal “positions SAM to be a leader in the electrification of commercial aviation, providing it with resources necessary to bring electrified powertrain technology to market and expanding and electrifying regional consumer scheduled and charter flight services,” said the statement.

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