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Boeing and Embraer sign multibillion dollar JV

Por: Latin LawyerImprimirVisualizar em PDF

Brazil's Pinheiro Neto Advogados led the deal in Brazil for Boeing, while Baker McKenzie LLP in Chicago, Houston and Washington, DC, and Trench Rossi Watanabe in São Paulo provided tax advice. Simpson Thacher & Bartlett LLP's New York office is thought to have led the deal for Boeing, but this could not be confirmed prior to publication.

Boeing's Brazilian counterpart Embraer hired Skadden, Arps, Slate, Meagher & Flom LLP in New York and BMA - Barbosa, Müssnich, Aragão in São Paulo.

Boeing said on 5 July that it had agreed to launch a new joint venture under which the Chicago-based company would acquire a majority stake in Embraer's commercial and services arms, while the Brazilian company will keep the remainder.

The joint venture company will be based in Brazil and run by Embraer's management, reporting directly to Boeing chairman Dennis Muilenburg.

Among other things, the deal will see Boeing's manufacturing portfolio expand to include smaller 70-to-130-seater aircraft. It comes on the heels of its European rival Airbus buying a majority stake in Bombardier and Investissement Québec's 100-to-150-seat C Series aircraft programme on 8 June.

Boeing, which stopped manufacturing its own single-aisle 100-seater aircraft, the 717, in 2006, now expects smaller so-called regional jets to account for US$110 billion of its balance sheet by 2036, with 2,370 new aircraft scheduled to be delivered in that time.

Boeing and Embraer also announced on 5 July that they were planning another joint venture to promote and develop new markets and applications for defence products and services, especially the KC-390 multi-mission aircraft, based on jointly identified opportunities.

The companies expect their signed joint venture to close by the end of 2019, pending shareholder and regulatory approvals, including a final green light from the Brazilian government which has the power to veto the deal as its overall majority shareholder. Brazilian president Michel Temer has previously said his administration would reject a proposal that would see a change in ownership of the Brazilian manufacturer.

This article is based on a story first published by Latin Lawyer's sister publication GTDT Aviation Law News on 13 July.

 

Counsel to Boeing

In-house counsel - Helen McSweeney

Pinheiro Neto Advogados

Partners Fernando Alves Meira, Fernando Zorzo, Mauricio Guidi, Rene Medrado and Larissa Galimbeti and Pedro Barata, and associate Camila Carvalho Gomes in São Paulo

Baker McKenzie LLP

Partner Jeff Mayhew and associate Meaghan Wolfe in Chicago, partner Christine Sloan in Washington, DC, and partner Kai Kramer in Houston

Trench Rossi Watanabe

Partners Simone Musa, Reinaldo Ravelli and Luciana Nóbrega in São Paulo

 

Counsel to Embraer

Skadden, Arps, Slate, Meagher & Flom LLP

Partners Paul Schnell, Thomas Greenberg and Victor Hollender in New York

BMA - Barbosa, Müssnich, Aragão

Partners Cezar Aragão, Roberto Dias Carneiro, Barbara Rosenberg, Jose Otavio Faloppa, Luciana Marsal and Daniel Abraham Loria, and associates Sandra Terepins, Igor Silva de Lima, Felipe Paschoalini, Ana Paula Reis, Andrea Silva de Oliveira, Maria Amaral de Almeida Sampaio, Pedro Henrique Serqueira and Vitor Silva Clark Nunes in São Paulo

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