New York, NY, December 15, 2020 – Proskauer, a leading international law firm, announced that its client, Blade Urban Air Mobility, Inc., a technology-powered air mobility company, entered into a business combination on December 14, 2020 with Experience Investment Corp. (NASDAQ: EXPC and EXPCW), a NASDAQ listed special purpose acquisition company sponsored by an affiliate of KSL Capital Partners, a Denver based private equity fund focused on the travel and leisure business. Under the terms of the transaction, Blade will merge into a subsidiary of Experience Investment Corp, with Blade surviving the merger.
The combined Company will have an estimated pro forma equity value of up to $825 million upon consummation of the transaction and provides up to $400 million in gross proceeds for use by the Company after closing, comprised of Experience Investment Corp.’s cash held in trust and an upsized $125 million fully committed common stock PIPE at $10.00 per share, including investment commitments from affiliates of KSL Capital Partners, Hedosphia, and HG Vora Capital Management.
Blade provides consumers with a cost effective and time efficient alternative to ground transportation for congested routes, predominantly within the Northeast United States and India.
The members of the Proskauer team included partners Lauren Boglivi, Richard Corn, Dan Forman, Jeff Horwitz, Harris Mufson, Seth Safra and associates Steven Leiser-Mitchell, David McClellan, Janicelynn Park, Elena Roeva, Mike Saliba, Oleg Zakatov.
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