Struggling Air Taxi Firm Lilium Finds Buyer for Subsidiaries

Lilium NV is getting a lifeline from a consortium of European and North American investors who plan to acquire the operating assets of the air taxi company’s main subsidiaries.

The German startup has signed an asset purchase agreement with closely held Mobile Uplift Corporation GmbH and expects the deal will position its two subsidiaries to obtain sufficient funding to restart business operations, Lilium said Tuesday in a statement. Remaining employees were terminated as of Dec. 20, but the consortium intends to rehire them, it said.

Lilium didn’t specify a price, but said that in line with German insolvency law ...