Embraer's Eve to List on NYSE Through Business Combination with SPAC.
MANews-(C)2009-2021
US-based Urban Air Mobility solutions company UAM, LLC has entered into a definitive business combination agreement with special purpose acquisition company Zanite Acquisition Corp. (NASDAQ: ZNTE), the company said.
Upon closing of the transaction, Zanite will change its name to Eve Holding, Inc. and will be listed on the New York Stock Exchange under the new ticker symbol, "EVEX" and "EVEXW."
Embraer S.A., through its subsidiary Embraer Aircraft Holding, Inc., will remain a majority stockholder with an approximately 82% equity stake in Eve Holding following the closing of the business combination, including its investment in the PIPE.
Eve's strategic partnership with Embraer is a key competitive advantage.
In connection with the transaction, Embraer has contributed its UAM-related assets, employees and IP to Eve. In addition, Embraer has granted Eve a royalty-free license to Embraer's background IP to be used within the UAM market.
Eve has access to thousands of skilled Embraer employees on a flexible, first priority basis and use of Embraer's global infrastructure on preferred terms, pursuant to the terms of certain services agreements between Embraer and Eve.
The strategic alignment with Embraer provides Eve with significant cost and execution advantages relative to other UAM participants.
Eve is the first company to graduate from EmbraerX, the market accelerator created in 2017 by Embraer, a leader in the aviation industry with a more than 50-year history of aircraft manufacturing and certification expertise.
Eve has introduced a UAM solution spanning electric vertical takeoff and landing vehicle design and production, service and support, fleet operations and urban air traffic management.
Eve will be led by co-CEOs Jerry DeMuro, who most recently served as CEO of BAE Systems, Inc., and Andre Stein, who has led Eve since its inception and served in leadership roles with Embraer for more than two decades.
Eve has formed a network of dozens of strategic partners spanning the UAM ecosystem, including fleet operators, ride sharing partners, vertiport providers, aircraft lessors, financing partners, renewable energy providers and leaders in the defense and technology sectors.
From this partner network, Eve has secured launch orders from 17 customers, via non-binding letters of intent, resulting in a pipeline of 1,735 vehicles valued at approximately USD 5.2bn.
The business combination values Eve at an implied USD 2.4bn...
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