Surf Air to go public in $1.4 billion SPAC deal

California-based Surf Air is going public as part of a three-way deal. It will merge with special purpose acquisition firm Tuscan Holdings Corp II and Southern Airways.

The deal is worth about $1.42 billion. It is expected to close in the second half of this year. The combined business expects to bring in about $100 million revenue annually

Surf Air will take ownership of Southern Airways ‘ 40 Cessna Grand Caravan turboprop planes.