Bombardier closes sale of Flexjet’s activities to a Group led by Directional Aviation Capital

Bombardier reported the closing of the sale of Flexjet’s activities to Flexjet, LLC, a newly-created company funded by a group led by Directional Aviation Capital. The previously announced total consideration of US $185m, following purchase price adjustments, is now estimated at US $195m, including the assumption of an estimated US $70m of customer advances by the acquirer. This transaction has received the approval of all appropriate regulatory authorities and other consents from government bodies in the U.S. As a result of this closing, a firm order by Flexjet, LLC for 115 business aircraft (25 Learjet 75, 60 Learjet 85, 20 Challenger 350 and 10 Challenger 605 jets) is now confirmed. The agreement also includes options for an additional 150 business jets. The transaction for the firm aircraft order is valued at approximately US $2.4bn based on 2013 list prices.