- December 21, 2021
- Posted by: Stratford Team
- Category: Business
By Kimberly Chin
Embraer SA’s urban air mobility business Eve Holding Inc. is combining with a special-purpose acquisition company to go public in a transaction that values the company at about $2.9 billion.
Eve, which designs and produces electric vertical takeoff and landing vehicles (eVTOL) as well as the service and support and urban air traffic management that comes with it, is merging with the SPAC Zanite Acquisition Corp., a blank-check company that focuses on the aviation sector.
Eve will receive $237 million in cash as part of the transaction. Eve is also raising a $305 million private investment in public equity, or PIPE, led by Embraer S.A., and includes a consortium of strategic partners such as BAE Systems PLC, Rolls-Royce Holdings PLC and SkyWest, Inc.
Eve will use the proceeds to further develop and commercialize its eVTOL fleet.
An Embraer subsidiary will retain majority ownership with a roughly 82% equity…
