Dennis Muilenburg
Dennis Muilenburg, the former CEO of Boeing Co., which stepped down during the 737 Max crisis, is close to filing a blank check order, according to people familiar with the matter.
Muilenburg, who resigned in 2019 from Boeing’s board and top job, plans to raise about $ 200 million in a special-purpose acquisition company, one of the people said, asking not to be named because the matter is private.
The vehicle could get in line as early as next week, people said, and will focus on finding targets in futuristic transport.
Muilenburg could not be reached for comment.
Prominent figures from the world of business, politics and sports have been entering the SPAC market since last year, in part due to the lucrative payment for managing these vehicles.
The former Boeing chief was ousted in late 2019 after fumbling with the aircraft manufacturer’s response to two fatal 737 Max accidents and their consequences. In the aviation titan, Muilenburg was an enthusiastic supporter of autonomous flying vehicles and air traffic control technology that would one day allow them to take urban passengers through congested streets.
Muilenburg emerged last month as an investor and consultant for Monarch Tractor, a Silicon Valley startup that is developing a fully electric tractor that is an “optional driver”. The engineer by training formed a consulting firm last year and is working with about a dozen companies after a 35-year career at Boeing, based in Chicago.
Read more at Muilenberg’s bet on electric tractor
Mired in crisis by 20-month grounding Max and Covid-pandemic, the US manufacturer last year terminated its venture capital arm Boeing NeXt. Under Muilenburg, the unit had sought joint ventures with companies like Kitty Hawk, a futuristic aircraft manufacturer supported by Alphabet Inc. co-founder Larry Page.