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Embraer unveiled that it has completed the business combination between its subsidiary of air vehicles for urban mobility — the so-called “flying cars” — Eve, and U.S.-based Zanite Acquisition. The merger gives rise to a new company, Eve Holding, now listed on the New York Stock Exchange. Embraer closed down 7.98% on the B3.
Embraer Aircraft Holding holds 238.5 million shares of Eve Holding common stock, representing approximately 90% of the existing common stock. The remaining shares are held by Zanite’s market shareholders — by the sponsor and certain third party investors that entered into subscription agreements to purchase common shares at the closing of the business combination, Embraer said.
“The business combination is in line with the company’s innovation and growth strategy, and its consummation reinforces the company’s commitment to achieving these goals,” Embraer said. The merger was unveiled in December last year.
In a note, Eve co-CEO Andre Stein said the transaction provides the startup with “growth capital and positions Eve well to execute its development plans, aided by our ongoing strategic partnership with Embraer.”
“We intend to further strengthen our position as a leading global UAM [urban air mobility] player by delivering an effective and sustainable new mode of urban transportation,” he added.
Co-CEO Jerry DeMur indicated that the closing of the deal puts Eve on course to continue developing its solutions.
Last week, Eve revealed that since December its order backlog rose to 1,825 units from 1,735 electric vertical take-off and landing vehicles (eVTOLs), made through non-binding letters of intent from 19 customers. Among the customers are fixed-wing operators, helicopter operators, sharing platforms, and leasing companies.
Source: Valor International