Boeing Announces Embraer Shareholder Approval For Proposed Strategic Partnership

(RTTNews) - Boeing (BA) announced the proposed strategic partnership between the company and Embraer (ERJ) was approved by Embraer's shareholders during an Extraordinary General Shareholders' Meeting. At the special meeting, 96.8 percent of all valid votes cast were in favor of the transaction, with participation of approximately 67 percent of all outstanding shares. The closing of the transaction is now subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions, which Boeing and Embraer hope to achieve by the end of 2019.

Shareholders also approved the proposal that will establish a joint venture made up of the commercial aircraft and services operations of Embraer. Boeing will hold an 80 percent ownership stake in the new company, and Embraer will hold the remaining 20 percent.