The partnership between Embraer and Boeing was approved by 96.8% of the valid votes of the Brazilian manufacturer’s shareholders at the extraordinary meeting held on Tuesday (26). The shareholders approved the proposal that will establish a joint venture comprised of Embraer‘s commercial aircraft and related services operations. Boeing will own 80% of the new company and Embraer the remaining 20%.
According to Embraer, the transaction evaluates 100% of the company’s commercial aircraft operations at US$ 5.26 billion and contemplates a US $ 4.2 billion value for the Boeing share. The Brazilian government approved the transaction in January 2019. Embraer‘s board of directors then ratified its support. Completion of the business is subject to regulatory approvals and other conditions relevant to such a transaction, which should occur by the end of 2019.