BakerHostetler Team Guides Boston Omaha Simultaneously in $55 Million Investment in Private Aviation Company; and as SPAC Sponsor in Related Proposed deSPAC Business Combination

News / August 3, 2021

A BakerHostetler deal team served as advisor to Boston Omaha Corp. for its agreement to invest $55 million in Sky Harbour LLC (SHG) in support of the proposed deSPAC business combination between SHG and Yellowstone Acquisition Company (Yellowstone), a special purpose acquisition company (SPAC) in which a subsidiary of Boston Omaha serves as sponsor. Simultaneously, the team represented Boston Omaha as in its capacity as SPAC sponsor in the proposed deSPAC business combination transaction, in which Boston Omaha has committed to provide backstop financing valued at up to $45 million.

The BakerHostetler team comprised Partners Steven Goldberg, Asim Grabowski-Shaikh, John Harrington, Betsy Smith, Thomas Hogan, William Pence, Howard Cotton, Barbara Linney, Counsels Jacqueline Best and Allison Jones, and Associates Geoffrey Hainbach, Elyssa Kates, Joshua Jowdy, Tess Wafflebakker, Judah Lieblich, Jennifer Rodriguez, Yaima Seigley, Brandon Marcus and Lauren Sternbach.

The combined Yellowstone and SHG company is expected to have an estimated post-transaction equity market value of $777 million following expected transaction close in the fourth quarter of 2021. Upon closing of the business combination, Sky Harbour will become a publicly traded company, and it is expected that its common stock will be listed on the NASDAQ exchange.

SHG develops private aviation infrastructure focused on building, leasing and managing business aviation hangars.

Boston Omaha Corporation is a public holding company with three majority-owned businesses engaged in outdoor advertising, surety insurance and broadband telecommunications services.