Bombardier Inc Announces Definitive Agreement For Sale Of Flexjet's Activities; Receives Order For 85 Business Aircraft
Bombardier Inc announced that it has reached a definitive agreement for the sale of Flexjet's activities to Flexjet, LLC, a newly-created company funded by a group led by Directional Aviation Capital. Total consideration is USD185 million and the completion of this transaction is subject to the approval of all required governmental and regulatory authorities and other customary closing conditions. The transaction for the sale of Flexjet's activities is expected to close before the end of the year. In addition, Flexjet, LLC has placed a firm order for 85 business aircraft (25 Learjet 75, 30 Learjet 85, 20 Challenger 350 and 10 Challenger 605 jets.) The agreement also includes options for an additional 160 business jets. The transaction for the firm aircraft order is valued at approximately USD1.8 billion based on 2013 list prices. If all the options are exercised, the total value of the order will be approximately USD5.2 billion, also based on 2013 list prices.
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