A subsidiary of Embraer focused on the Urban Air Mobility (UAM) area that develops eVTOL aircraft, Eve concluded on Monday the merger of its business with Zanite Acquisition Corp, a SPAC (Special Purpose Acquisition Company) in the US. With the confirmation of the agreement, the company is now renamed Eve Holding.
The business combination began on Friday when Zanite’s shareholders approved the transaction. The closing of the agreement allows Eve Holding’s shares to be traded on the New York Stock Exchange, a process that will begin on Tuesday.
“The successful completion of this transaction is an important milestone, providing capital and strategic support for Eve to play a pivotal role in accelerating the global UAM ecosystem. The funding raised through the transaction provides Eve 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 player by delivering an effective and sustainable new mode of urban transportation,” said the Company’s Co-CEO Andre Stein.
Prior to the completion of the merger, on May 6, a PIPE (Private Investment in Public Equity) was carried out, an operation for the acquisition of relevant share capital, in the order of $357.3 million.
This total includes a $185 million investment from Embraer, $25 million from Zanite sponsors and $147 million from a consortium of companies that includes Acciona, Azorra Aviation, BAE Systems, Bradesco BBI bank, Falko Regional Aircraft, Republic Airways , Rolls-Royce, SkyWest, Space Florida and Thales USA.
According to analysts, Eve Holding could reach a value of $2.9 billion, which would mean a market cap higher than that of Embraer, which is currently valued at around $2 billion.
