Economy

EgyptAir's Bombardier CSeries outline deal valued at $1.1 billion

EgyptAir's Bombardier CSeries outline deal valued at $1.1 billion”

EgyptAir's letter of intent for 12 firm Bombardier CS300s jets announced on Tuesday is valued at $1.1 billion, according to a Bombardier statement.

Shareholders line up to view Bombardier's CS300 aircraft following their annual general meeting in Mirabel, Quebec, Canada April 29, 2016.

The aircraft fits into EgyptAir's long-term growth strategy, providing a new larger aircraft type for regional subsidiary EgyptAir Express, which operates a fleet of 12 Embraer 170s.

The announcement of the deal was made at the Dubai Air Show.

Bombardier has faced a series of problems over the plane, most recently a trade dispute in the United States that imposed a 300% import tariff.

European planemaker Airbus SE recently agreed to take a majority stake in the CSeries programme, in exchange for Airbus's purchasing and marketing power and support for the aircraft that had few orders due to doubts over its future.

The LOI also includes purchasing options for a further 12 CSeries which if exercised would increase the total value of the deal to almost $2.2 billion.



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