Eve Holding confirms business combination between Zanite Acquisition Corp and Eve Urban Air Mobility

Eve Hold­ing, for­mer­ly known as Zan­ite, has announced a busi­ness com­bi­na­tion with Eve UAM, a sub­sidiary of Embraer.

Zan­ite has changed its name to Eve Hold­ing and its secu­ri­ties vol­un­tar­i­ly delist­ed from the Nas­daq, with its com­mon stock to trade on the New York Stock Exchange under the sym­bols “EVEX and “EVEXW”.

Eve Hold­ing Co-CEO Andre Stein said: “The fund­ing pro­vides Eve with growth cap­i­tal and posi­tions it to exe­cute its devel­op­ment plans, aid­ed by our ongo­ing strate­gic part­ner­ship with Embraer.”

Co-CEO Jer­ry DeMuro added: “I believe that our skilled team, world-class board and strate­gic glob­al part­ner­ships pro­vide supe­ri­or posi­tion­ing for Eve to exe­cute key devel­op­ment ini­tia­tives in our quest to deliv­er strong val­ue for our stake­hold­ers.”

An upsized $357 mil­lion pri­vate invest­ment in pub­lic equi­ty (PIPE) priced at $10.00 per share includes $185 mil­lion from Embraer, $25 mil­lion from Zanite’s spon­sor and $147 mil­lion from a con­sor­tium of lead­ing finan­cial and strate­gic investors includ­ing Acciona, Azor­ra Avi­a­tion, BAE Sys­tems, Brade­sco, Falko Region­al Air­craft, Repub­lic Air­ways, Rolls-Royce, Sky­West, Space Flori­da and Thales USA.

White & Case served as legal advi­sor to Zan­ite, while Jef­feries, BTIG, and Cowen & Com­pa­ny served as finan­cial advi­sors to Zan­ite.

Skad­den, Arps, Slate, Meagher & Flom and Mat­tos Fil­ho, Veiga Fil­ho, Mar­rey e Quiroga Advo­ga­dos served as legal advi­sors to Embraer. Ray­mond James & Asso­ciates and Ban­co San­tander (Brasil), Ban­co Brade­sco BBI and Ban­co Itaú Inter­na­tion­al served as finan­cial advi­sors to Eve.

In March, Eve Air Mobil­i­ty and Acciona announced a strate­gic part­ner­ship to accel­er­ate the devel­op­ment of a glob­al Urban Air Mobil­i­ty ecosys­tem, where­by Acciona will invest $30 mil­lion.

Last June, Eve Urban Air Mobil­i­ty and Sky­ports formed a part­ner­ship to devel­op urban air mobil­i­ty (UAM) solu­tions in Asia and the Amer­i­c­as, with a focus on vehi­cle-ver­ti­port oper­a­tions in a rela­tion­ship that began in ear­ly 2020 while Eve was incu­bat­ed at EmbraerX.