Embraer Prepares for Life After the E-Jet; Boeing Deal Will Likely Close End of 2019
At its investor day, narrow moat Embraer outlined more details surrounding plans to sell 80% of its commercial aircraft unit to Boeing and gave a guidance update for 2018-20. While the Boeing deal looks attractive--the $3 billion of net proceeds are worth $16 per ADR alone--guidance was weaker than we anticipated. Embraer also revealed plans to make a $1.6 billion special dividend post deal closure to shareholders. The Brazilian government gave its blessing, and Embraer and Boeing are now workin...
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