U.S. top aircraft maker Boeing Company (Boeing) announced Monday an investment of 4.2 billion U.S. dollars in taking the majority control of a commercial joint venture with Brazil's aviation giant Embraer.

The new deal, which is subject to the approval of the Brazilian government, regulators and investors, will allow Boeing to take 80 percent of ownership stakes in the joint venture, with Embraer holding the rest 20 percent, Boeing said in a statement Monday.

Once the transaction is closed, Boeing will have operational and management control of the new company, which will report directly to Dennis Muilenburg, Boeing chairman, president and chief executive office, the company said.

The Brazilian aircraft manufacturer will retain consent rights for certain strategic decisions, such as transfer of operations from Brazil, it added.

The Boeing-Embraer joint venture is a result of one year of negotiations between the two top aviation leaders, which unveiled the program in July that would strengthen Boeing's position in the market of airplanes with capacity of up to 150 seats.

"This alliance will strengthen both companies in the global market and is aligned with our long-term sustainable growth strategy," said Paulo Cesar de Souza e Silva, Embraer president and chief executive officer.

Boeing and Embraer also announced Monday their agreement to another joint venture to promote and develop new markets for the multi-mission medium military cargo jet KC-390.

Under the deal, Embraer will own a 51 percent stake in the joint venture, while Boeing keeps the remaining 49 percent. The transaction is expected to close by the end of 2019.

Embraer, founded in 1969, is the third-largest aircraft manufacturer in the world.