US Boeing To Pay $4.2Bln For 80% Stake In Partnership With Brazil's Embraer

US airline manufacturer Boeing will invest $4.2 billion for a majority stake in a joint venture with Brazilian aerospace firm Embraer's commercial airline business, the two companies announced in a joint press release on Monday.

WASHINGTON (UrduPoint News / Sputnik - 18th December, 2018) US airline manufacturer Boeing will invest $4.2 billion for a majority stake in a joint venture with Brazilian aerospace firm Embraer's commercial airline business, the two companies announced in a joint press release on Monday.

"The approved terms define the joint venture comprising the commercial aircraft and services operations of Embraer, in which Boeing will hold an 80 percent ownership stake and Embraer will hold the remaining 20 percent," the release said.

The $4.2 billion deal must still be approved by the Brazilian government and is subject to shareholder and other regulatory approvals, the release said.

Embraer specializes in manufacturing small commercial jets with less than 150 seats. Embraer's main competitor, the Canadian manufacturer Bombardier, has similar joint venture agreements with Boeing rival Airbus.