Embraer Shareholders Approve Boeing Deal
26 Fevereiro 2019 - 11:42AM
Dow Jones News
By Michael Dabaie
Embraer SA (ERJ) on Tuesday said its shareholders approved its
proposed joint-venture partnership with Boeing Co. (BA).
During an extraordinary general shareholders meeting in Brazil,
96.8% of votes were in favor of the transaction, with participation
of about 67% of all outstanding shares.
The deal establishes a joint venture made up of the commercial
aircraft and services operations of Embraer. Boeing will hold an
80% ownership stake in the new company.
The transaction values Embraer's commercial aircraft operations
at $5.26 billion, with a value of $4.2 billion for Boeing's 80%
ownership stake in the joint venture.
Embraer shareholders also agreed to a joint venture to promote
and develop new markets for the multi-mission medium airlift
KC-390. Embraer would own a 51% stake in the joint venture.
The Brazilian government approved the proposal in January.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
February 26, 2019 09:27 ET (14:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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