Leeham News
• Scott Hamilton
Embraer confronted what it viewed as an existential crisis in 2017 before charting a recovery after merger plans with Boeing. This first installment examines the Brazilian manufacturer’s strategic turning point and the corporate decisions that shaped its path forward.
M&A
Latest source-backed stories
Joby Aviation plans to acquire Resonant Sciences for $500 million, establishing the company as Joby’s dedicated defense business. Resonant will house Joby’s hybrid-electric and autonomous projects, creating a formal separation between its commercial and defense-oriented VTOL activities.
Embraer confronted what it viewed as an existential crisis in 2017 before charting a recovery after merger plans with Boeing. This first installment examines the Brazilian manufacturer’s strategic turning point and the corporate decisions that shaped its path forward.
High activity
SpaceX’s shares rebounded toward $150 after surviving the Aug. 6 expiration of its first post-IPO lockup, helping drive a reported $500 billion rally. The company is also moving toward closing its proposed $60 billion all-stock acquisition of Anysphere, developer of the AI coding platform Cursor.
High activity
Pegasus, Philippine Airlines and Thai Airways reported weaker second-quarter or first-half earnings as elevated fuel costs and Middle East-related disruption weighed on results. Separately, Turkish regulators approved Pegasus’ acquisition of Smartwings Group, expanding its European footprint amid a more challenging operating environment.
The proposed merger between Indonesian airlines Pelita Air and Garuda Indonesia remains under review, with the transaction’s structure still being evaluated. The development signals that the parties have not yet finalized how the combination would be organized.
Marlink plans to acquire GRC, a U.K.-based defense communications specialist, in a move intended to strengthen its position in European government, defense and critical infrastructure markets. The transaction expands Marlink’s focus beyond commercial connectivity into strategically important public-sector and security-related communications.
Marshall Group says it is pursuing a comprehensive sales process for Marshall Aerospace, its final remaining division and a UK-based military maintenance, repair and overhaul provider. The family-owned company aims to identify a buyer and complete the divestment by the end of this year.
Boeing is divesting its electric aircraft and defense drone units in exchange for a 20% stake in Archer Aviation, valuing the air-taxi company at $5 billion. The transaction shifts Boeing’s exposure to advanced air mobility from direct development to an equity position in Archer.
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