Embraer in talks to merge eVTOL Eve with SPAC backed by Flexjet boss

By Doug Gollan, June 10, 2021

After ordering 200 Eve eVTOLs for his OneSky Flight unit that includes Flexjet and Sentient, Kenn Ricci’s Zanite SPAC is in talks with Embraer to take the upstart OEM public, according to Bloomberg

One day after Bloomberg reported that Vista Global Holding is seeking to go public via a SPAC, the website says the principal behind another leading private aviation provider plans a similar move. According to undisclosed sources, Brazil’s Embraer SA is in talks with special purpose acquisition company Zanite Acquisition Corp to merge its Eve Urban Air Mobility unit. This month, OneSky Flight, which includes Flexjet, Sentient, PrivateFly, and FXAIR, ordered 200 eVTOLs from Eve for its newly launched Halo brand. Kenn Ricci heads both OneSky and Zanite.

Bloomberg pegs the deal’s value at “about $2 billion.”

Wheels Up, Blade, and Surf Air have all announced plans to go public via SPACs. In addition, Bloomberg notes other eVTOL companies – Joby Aviation, Lilium GmbH, and Archer Aviation – are pursuing similar plans.

Since its order from OneSky, Eve has logged a commitment for 50 more units from Helisul Aviation, a Brazilian helicopter operator.

OneSky plans to use its Halo unit to offer door-to-door options it believes will give it an edge against market leader NetJets. One Tuesday, charter management firm Jet Edge announced it secured $150 million in funding from KKR to launch buy-back guarantees to private jet owners in its AdvantEdge program. It’s also targeting customers of the Berkshire Hathaway-owned fractional share operator.

A spokesperson from Zanite declined to comment. However, a source not connected with either company tells Private Jet Card Comparisons the report from Bloomberg is accurate but didn’t how soon a possible deal could be announced. Catch up on all the deals by private jet operators and brokers at our updated DEAL BOOK.

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