EgyptAir to buy 12 Bombardier aircraft for $1.1 billion

Bloomberg

Bloomberg

No Middle East customer has said when it would take delivery of CSeries jets.

Egypt's flagship state carrier EgyptAir has signed a letter of intent to order 12 Bombardier CS300 passenger aircraft for $1.1 billion.

The deal is the second firm order for Bombardier aircraft since last month's announcement that European plane maker Airbus would take over Bombardier's CSeries programme.

EgyptAir intends to buy up to 24 of Bombardier's C-Series planes, the aerospace firm has said.

Earlier this month an unnamed European airline said it meant to buy at least 31 of the C-Series planes.

Bombardier in October ceded control of the CSeries to Airbus, abandoning hope of ascending into the top echelons of passenger aircraft manufacturing alongside rivals Airbus and Boeing, but securing U.S. market access for its new jetliners. The CS300, larges of two versions made by the Montreal-based company has a list price of $89.5 million before discount. The CSeries was two-and-a-half years late and more than $2 billion over budget when it entered service at Deutsche Lufthansa AG's Swiss unit in July 2016. Swiss and Air Baltic, which began flying the CS300 in December, have reported better-than-expected fuel efficiency, which is key to the jet's appeal.

Colin Bole, Bombardier's senior vice president of commercial aircraft, said there were no particular conditions or terms that needed to be met to finalize the deals.

The shopping spree, following months of negotiations, marks an expansion push for Egypt's flag carrier after it weathered slumping tourist visits and a fatal crash previous year.

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