Alenia Aeronautica in Russian-European Aircraft Joint Venture
July 9, 2008
Cleary Gottlieb is representing Alenia Aeronautica (Alenia), a subsidiary of long-time client Finmeccanica, in its joint ventures with Sukhoi Company, for the development of the Superjet 100, a new mid-range civilian aircraft with 75- and 95- passenger capacities. On July 9 the parties signed the Subscription Agreement, pursuant to which Alenia will acquire 25% plus one share in Sukhoi Civil Aircraft (SCAC), a Russian company that will design, engineer and manufacture the jets. The parties also agreed to certain amendments to the General Agreement, which was signed on June 17, 2007.
The parties are using a dual joint-venture structure, where Alenia and Sukhoi Company already incorporated SuperJet International, a new Italian company with 51% and 49% shareholdings, respectively. SuperJet International will be responsible for certifying, marketing, selling and delivering the Super-jet 100 in western markets and for after-sales support worldwide. Cleary Gottlieb has also represented SuperJet International in negotiations and signing of the Master Purchase Agreement with SCAC for the sales of the aircraft to Western markets.
This cooperation is an important industrial partnership between European and Russian companies in the civil aviation sector. The Superjet project is expected to rejuvenate the Russian civil aviation industry. The Superjet 100 is the first civilian aircraft project of Sukhoi, a company famous for its fighter jets.