Zanite Acquisition in an 8-K filing included an updated investor presentation on merger target Eve Holding, an eVTOL subsidiary of Brazilian company Embraer. The deal values the combined company at $2.4 billion.
If approved, upon closing Eve Holding would list on the NYSE under new ticker symbol EVEX. Embraer S.A., through its subsidiary Embraer Aircraft Holding, will remain a majority stockholder with an approximately 82% equity stake in Eve following the closing of the business combination, including its investment in a PIPE supporting the deal.
As announced last month, the deal calls for Eve to receive approximately $512 million in cash, resulting in a total pro forma equity value of approximately $2.9 billion, assuming no SPAC share redemptions.
The proceeds will be funded through a combination of Zanite’s approximately $237 million cash in trust and a $305 million PIPE with commitments of $175 million from Embraer, $25 million from Zanite’s sponsor and $105 million from a consortium of financial and strategic investors. Read more.
