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        Embraer's Air Mobility Unit Agrees to $2.4 Billion SPAC Deal

        $Embraer(ERJ.US)$ $Zanite Acquisition Corp(ZNTE.US)$
        Embraer SA's Eve Urban Air Mobility unit will merge with Zanite Acquisition Corp. next year, the latest in a string of deals as flying-taxi startups seek capital from public markets.
        The transaction announced Tuesday includes $237 million in cash from Zanite, a special purpose acquisition company, and a $305 million PIPE, or private investment in public equity. The PIPE has multiple investors, including $175 million from Embraer and $105 million from a consortium that includes $BAE SYSTEMS(BAESF.US)$ , $ROLLS ROYCE ADR(RYCEY.US)$ and two U.S. regional airlines, Republic Airways and $SkyWest(SKYW.US)$.
        Embraer will retain an 80% equity stake in the company following the merger. Bloomberg News first reported on the talks between Eve and Zanite in June.
        The combination, expected to close in the second quarter of 2022, values Eve at $2.4 billion. Embraer has agreed to a three-year lockup on its rollover shares and Zanite’s sponsor has agreed to a three-year lockup on its founder shares.
        Embraer American depositary receipts traded in New York surged 15% to $15.97 as of 10:08 a.m., the biggest jump in more than six months. Zanite rose 0.3% to $10.18.
        Embraer's Air Mobility Unit Agrees to $2.4 Billion SPAC Deal
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