Bombardier sells Flexjet and new owner orders 245 business jets
Bombardier announced the sale of its Flexjet aircraft ownership business on Thursday Sept. 5, and the new owners agreed to order up to 245 Bombardier business jets valued at USD$5.2 billion.
A group led by Ohio-based private investment firm, Directional Aviation Capital, is buying the fractional ownership business for USD$185 million in a deal expected to close before the end of the year.
Flexjet offers clients the option of chartering a private jet or purchasing large blocks of time with access to a crew. Bombardier had operated Flexjet for 18 years.
The new owners also placed a firm order for 85 of Bombardier’s business aircraft valued at some USD$1.8 billion, based on 2013 list prices, with deliveries expected to begin next year. The order includes 25 Learjet 75, 30 Learjet 85, 20 Challenger 350 and 10 Challenger 605 jets. The order includes options for a further 160 aircraft.
The company plans to deliver the first of its new business Learjet 85s in the summer of 2014 and is preparing for the first flight of its new CSeries commercial jet, expected in the coming days.