Boeing Co on Saturday said it had canceled a $4.2 billion deal to buy the commercial jets division of Embraer , unraveling years of work on what the Brazilian planemaker expected to be a transformative move.
), unraveling years of work on what the Brazilian planemaker expected to be a transformative move.
Boeing said in the statement that Embraer had failed to meet certain conditions for the deal to go through, although it did not specify which ones. The April 24 deadline for closing had been baked into the deal since early last year, but antitrust hiccups had forced the two companies to try to work out a new deadline.In July 2018, Boeing agreed to buy 80% of Embraer’s commercial jet unit to challenge Airbus directly in the market for midsize planes of up to 150 seats.
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