European competition authorities have approved the acquisition of a 65% stake in Portugal's OGMA (Industria Aeronautica de Portugal) by a consortium formed of Embraer and EADS.
OGMA's new chief executive Antonio Pires Monteiro says the deal "will allow Embraer to expand its presence in Europe through a brand recognised in the aerospace market for the excellence of its products and services".
In December the consortium agreed to pay €11.4 million ($15.1 million) for the stake in the aircraft maintenance company. Embraer holds 99% of Airholding, the consortium formed for the deal.
Portugal's ministry of defence will retain a 35% stake in OGMA.
Source: Flight International
