Boeing has chosen to pull out of its agreement to buy 80 percent of Embraer’s commercial airplane business after the master transaction agreement (MTA) that laid out the details expired on April 24, the U.S. aerospace giant announced Saturday.

The MTA stood subject to extension by either party if they met what Boeing called certain conditions. Boeing exercised its rights to terminate after Embraer did not satisfy the necessary conditions, it said without elaborating on the details.

"Boeing has worked diligently over more than two years to finalize its transaction with Embraer. Over the past several months, we had productive but ultimately unsuccessful negotiations about unsatisfied MTA conditions. We all aimed to resolve those by the initial termination date, but it didn't happen,” said Marc Allen, president of Embraer Partnership & Group Operations. “It is deeply disappointing. But we have reached a point where continued negotiation within the framework of the MTA is not going to resolve the outstanding issues."

The planned partnership between Boeing and Embraer had received unconditional approval from all necessary regulatory authorities, with the exception of the European Commission.

Boeing and Embraer will maintain their existing Master Teaming Agreement, originally signed in 2012 and expanded in 2016, to jointly market and support the C-390 Millennium military aircraft, it concluded.