Bombardier on Thursday announced the sale of its Flexjet fractional-jet business to a group led by Directional Aviation Capital.
The buyer, Flexjet LLC, has agreed to a firm order for 85 business jets, a combination of Challenger 350s, Challenger 605s and Learjet 75s. The agreement includes options for an additional 160 business jets, worth up to $5.2 billion at current list prices.
Flexjet's new owners decided to make the major business jet purchase along with purchasing the business itself in an effort to usher in a new era for the fractional jet distributor.
“Our vision for Flexjet is of a luxury brand with a young fleet, the latest technology, custom interiors and continued industry-defining service. That vision inspired this transaction and landmark order with Bombardier," said Kenn Ricci, principal owner of Directional Aviation Capital, which led the purchase of Flexjet from Bombardier.
Aircraft deliveries will begin to the new Flexjet owners in 2014. Bombardier expects to close the sale of Flexjet by the end of the year, at which point Flexjet will continue to be operated as an independent brand.