Shares in Saab soared by just over 30% Thursday after the Swedish company announced a $4.5 billion deal to supply the Brazilian government with new fighter jets.
The deal came as a surprise to investors who had been expecting Boeing ( to win the lucrative contract. )
Brazilian officials sidestepped questions about how the spying scandal may have affected the decision.
Speaking at a news conference late Wednesday, Defense Minister Celso Amorim said Saab was chosen for three main reasons: cost, performance and the ease of completing technology transfers.
The competition for the contract had dragged on for roughly a decade, with France's Dassault ( also in the running. )
The deal will see Saab deliver 36 new Gripen aircraft to Brazil's air force by 2023.
The Brazilian air force said the Swedish fighter jets will replace older Dassault-made aircraft.
Countries already using the Gripen include Sweden, Hungary, Czech Republic, South Africa and Thailand.
-- CNN's Shasta Darlington contributed to this report.