On January 24, 2019 The Boeing Company, Embraer S.A., entered into a Master Transaction Agreement, pursuant to which Embraer has agreed to contribute certain assets and liabilities related to Embraer's commercial aviation business to Commercial Aviation Newco, and Boeing Brazil has agreed to acquire an 80% interest in the capital stock of Commercial Aviation Newco at an aggregate value of approximately $4.2 billion, subject to certain adjustments set out in the Master Transaction Agreement. Concurrently with entering into the Master Transaction Agreement, Boeing and Embraer agreed to establish a joint venture for the promotion and development of new markets and applications for the KC-390 multi-mission aircraft (the KC-390 JV) developed by Embraer. The KC-390 JV will be 51% owned by Embraer and 49% owned by Boeing.

The formation of the KC-390 JV is subject to customary closing conditions as well as the concurrent closing of the commercial aviation transaction.