Archer Aviation completes first transaction phase to aquire Hawthorne Airport

Archer Aviation (ACHR) “announced that it has now completed the first phase of its Hawthorne Airport transactions that includes the acquisition of the master lease from the City of Hawthorne and the associated subleases, giving it control of the real estate that makes up the airport. In early November, Archer signed a series of definitive agreements to acquire control of this one-of-a-kind Los Angeles aviation asset. Archer expects for the airport to serve as its operational hub for its planned L.A. air taxi network operations, including serving a key role in the LA28 Olympic & Paralympic Games. Furthermore, the airport is a profitable enterprise, which Archer believes has significant additional upside that has yet to be realized. Archer also plans to utilize the airport as an innovation testbed for the next-generation AI-powered aviation technologies that it is developing and planning to deploy with its airline and technology partners. This includes AI-powered air traffic and ground operations management, in addition to other key technologies. With this evolution, Archer expects it can significantly enhance the upside for the already-profitable Hawthorne enterprise. Subsequently, Archer plans to acquire the airport’s FBO and passenger terminal next year in the second phase of the transaction, giving Archer full control of the airport and its day-to-day operations.”