Eve’s Business Combination With Zanite Acquisition Corp.

White & Case advised Zanite, while Skadden, Arps, Slate, Meagher & Flom and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised Embraer and EAH on the deal.

Embraer S.A. (“Embraer”) and its subsidiary Embraer Aircraft Holding, Inc. announced that UAM, LLC (“Eve”), a leader in the development of next-generation Urban Air Mobility solutions, has entered into a definitive business combination agreement with Zanite Acquisition Corp. (“Zanite”), a special purpose acquisition company focused on the aviation sector.

Upon closing of the transaction, Zanite will change its name to Eve Holding, Inc. (“Eve Holding”) and will be listed on the NYSE under the new ticker symbol, “EVEX” and “EVEXW.” Embraer, through its subsidiary Embraer Aircraft Holding, will remain a majority stockholder with an approximately 82% equity stake in Eve Holding following the closing of the business combination, including its investment in the PIPE.

The business combination values Eve at an implied $2.4 billion enterprise value. Upon closing of the transaction, and assuming no redemptions by Zanite’s stockholders, Eve will have approximately $512 million in cash, resulting in a total pro forma equity value of approximately $2.9 billion. Cash proceeds raised in the transaction are expected to be used to fund operations, support growth and for general corporate purposes. The proceeds will be funded through a combination of Zanite’s approximately $237 million cash in trust, assuming no redemptions by Zanite’s stockholders, and a $305 million PIPE of common stock at $10.00 per share, comprised of commitments of $175 million from Embraer, $25 million from Zanite’s sponsor and $105 million from a consortium of leading financial and strategic investors including Azorra Aviation, BAE Systems, Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce and SkyWest, Inc.

Eve is dedicated to accelerating the UAM ecosystem. Benefitting from a startup mindset, backed by Embraer’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution. 

Zanite is a special purpose acquisition company and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the Aviation, Aerospace & Defense, Urban Mobility and Emerging Technology industries.

A global aerospace company headquartered in Brazil, Embraer has businesses in Commercial and Executive aviation, Defense & Security and Agricultural Aviation. The company designs, develops, manufactures and markets aircraft and systems, providing Services & Support to customers after-sales. 

Jefferies LLC and BTIG, LLC served as financial advisors and capital markets advisors to Zanite. Raymond James & Associates, Inc. served as financial advisor and capital markets advisor to Eve and Banco Santander (Brasil) S.A., Banco Bradesco BBI S.A. and Banco Itaú International served as financial advisors to Eve.

The White & Case team was led by partners Joel Rubinstein (Picture) and Matthew Kautz in New York, counsel Daniel Nussen in Los Angeles and associate Neeta Sahadev in Silicon Valley. The team also included associate Rebeca García López in Mexico City and associates Zidong Liu and Rana Ozer in New York (all Capital Markets); associates Gabrielle Hodgson in Silicon Valley and Kim King in New York (both M&A); partner Arlene Arin Hahn and associates Anthony Johnson and Mark Kim in New York (all Technology Transactions); counsel F. Paul Pittman and associate Mark Williams in Washington, DC (both Data, Privacy & Cybersecurity); partner Steven Gee and associate Mitchell Li in New York (both Tax); partner Victoria Rosamond and associate Anthony Veveakis in New York (both Employment, Compensation & Benefits); partners Farhad Jalinous and Keith Schomig in Washington, DC (both CFIUS); partner Rebecca Farrington and associate Daniela Garcia Huerta in Washington, DC (both Antitrust); partner Steven Lutt and associate Christian Berger in New York (both Real Estate); partner Seth Kerschner in New York (Environment); partner Richard Burke in Washington, DC (Trade); partner Daniel Levin and associate Ashley Williams in Washington, DC (both Anti-Corruption); associate James Kong in New York (Anti-Money Laundering); and partner Todd Wolynski in New York and associate Ignazio Renzi in Miami (both Aviation). 

The Skadden team included M&A partners Thomas Greenberg and Paul Schnell, associates Caroline Frizzo and Corey Janson, and international visiting professional Bruno Coelho Franco; Intellectual Property and Technology partner Bruce Goldner; Capital Markets partner P. Michelle Gasaway (Los Angeles); Tax partner Victor Hollender; Executive Compensation and Benefits partner Erica Schohn; and Corporate associates Moshe Jacob and Bram Strochlic.

Involved fees earner: Bruno Coelho Franco – Skadden; Caroline Frizzo – Skadden; Michelle Gasaway – Skadden; Bruce Goldner – Skadden; Thomas Greenberg – Skadden; Victor Hollender – Skadden; Moshe Jacob – Skadden; Corey Janson – Skadden; Paul Schnell – Skadden; Erica Schohn – Skadden; Bram Strochlic – Skadden; Christian Berger – White & Case; Richard Burke – White & Case; Rebecca Farrington – White & Case; Rebeca García López – White & Case; Steven Gee – White & Case; Arlene Arin Hahn – White & Case; Gabrielle Hodgson – White & Case; Daniela Huerta Garcia – White & Case; Farhad Jalinous – White & Case; Anthony Johnson – White & Case; Matthew Kautz – White & Case; Seth Kerschner – White & Case; Hyosang Kim – White & Case; Kim King – White & Case; James Kong – White & Case; Daniel Levin – White & Case; Mitchell Li – White & Case; Zidong Liu – White & Case; Steven Lutt – White & Case; Daniel Nussen – White & Case; Rana Ozer – White & Case; Paul Pittman – White & Case; Ignazio Renzi – White & Case; Victoria Rosamond – White & Case; Joel Rubinstein – White & Case; Neeta Sahadev – White & Case; Keith Schomig – White & Case; Anthony Veveakis – White & Case; Mark Williams – White & Case; Ashley Williams – White & Case; Todd Wolynski – White & Case;

Law Firms: Skadden; White & Case;

Clients: Embraer S.A. ; Zanite Acquisition Corp.;