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Embraer Informed About Contract Worth US$ 3.9 Billion for Aircraft Sale with Deliveries Expected to Start in 2023
The aircraft manufacturer Embraer announced that the U.S. company Azorra signed a contract for the purchase of 20 E2 family aircraft and an additional 30 purchase rights, totaling 50 units. The order is valued at a total of US$ 3.9 billion at list price. According to Embraer, the negotiation is flexible and allows Azorra to purchase E190-E2 or E195-E2 aircraft.
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“Our team has a long and productive history with Embraer. At Jetscape, we were the first independent leasing company to commit to Embraer’s E-Jet program in December 2007, and then the E-Jets established a global customer base with over 80 operators. Azorra’s first new aircraft was a Phenom 300, acquired from Embraer in December 2016”, said John Evans, CEO of Azorra.
Furthermore, Evans adds that due to its modernity and performance, not only economically but also environmentally superior, the E2 family of aircraft reinforces Azorra’s ideal of becoming one of the leaders in the aviation market.
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About Azorra
Azorra provides tailored financial products and specialized management services, as well as consultancy for airlines, investors, and lessors. As such, it is an aircraft leasing company, specializing in executive, regional, and commercial aircraft, based in Florida, as stated in a communication sent to the Securities and Exchange Commission (CVM) by Embraer.
The deliveries of the aircraft listed in the acquisition contract will begin in 2023 and will add 20 additional Embraer aircraft to the other 21 already in the portfolio.
Azorra and Embraer have a very close relationship, considering that the U.S. company is also part of the Eve project, a startup for “flying cars” of the Brazilian company. The new investment is helping Embraer recover after the failed attempt to merge its commercial aviation operations with Boeing, which began in 2018 and was aborted shortly before the Covid-19 pandemic in early 2020.
This recovery of Embraer became evident with the appreciation of the company’s shares in a context of market decline on the Ibovespa, which is the main stock index in Brazil. While the latter was down 12%, Embraer’s shares saw an appreciation of over 180% during the year 2021.
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