CHICAGO (AP) — Boeing is buying a majority stake in Embraer’s commercial aircraft and services operations for $4.2 billion.
The joint venture, announced Monday, gives Boeing 80 percent ownership of those operations, with Embraer owning the remaining stake.READ MORE: Mother Has Questions After Police Shoot, Kill Man They Say Was Wielding Knife In Englewood
Boeing will have operational and management control of the company. Embraer will keep consent rights for some decisions, such as the transfer of operations from Brazil.
The deal still needs approval from the Brazilian government, as well as shareholders and regulators.READ MORE: Chicago Weather: Rain Coming As Work Week Begins
The companies also agreed to another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390.
Embraer will own a 51 percent stake in the joint venture, with Boeing owning the remaining 49 percent. The transaction is targeted to close by the end of next year.MORE NEWS: Farmers Market Vendors Pleased As Open Boulevards Program Kicks Off In Logan Square
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