Brazil-based Embraer S.A. has announced an update on its January 24, 2019 partnership agreement with Boeing, approved by shareholders on February 26, 2019, the company said.
Embraer said the parties continue to work diligently and cooperatively to consummate the transaction as soon as possible. In this regard, Embraer will implement the internal separation of the Company´s commercial aviation business starting at the end of this fiscal year and currently expects that the Transaction will be consummated early in 2020.
The parties have already obtained applicable antitrust clearance from antitrust authorities in certain jurisdictions and the consummation of the Transaction remains subject to (i) the approval by antitrust authorities in certain other applicable jurisdictions; and (ii) the satisfaction of other customary conditions in similar transaction. Until such approvals are received and the other conditions are satisfied, there can be no assurance as to the consummation of the transaction or the timing thereof.