Brazil approves Embraer-Boeing strategic partnership
The Brazilian government has approved a strategic partnership between Embraer and Boeing that will position the companies to accelerate growth in global aerospace markets, Embraer announced on 10 January.
The approval comes after both companies agreed in December on the terms of a joint venture (JV) that will be made up of the commercial aircraft and services operations of Embraer. Boeing will hold an 80% ownership stake in the new company and Embraer will hold the remaining 20%.
The companies have also agreed to form another JV to promote and develop new markets for the multi-mission KC-390 transport aircraft. Under the terms of the proposed partnership, Embraer will own a 51% stake in the JV, with Boeing owning the remaining 49%.
The closing of the transaction will be subject to shareholder and regulatory approvals and customary closing conditions. Assuming the approvals are received in a timely manner, the transaction is intended to close by the end of 2019.
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