Bombardier announces agreement with EgyptAir for up to 24 CS300 aircraft

Airbus is taking a majority stake in the C Series passenger plane

Airbus is taking a majority stake in the C Series passenger plane

State-owned EgyptAir signed a letter (LOI) of intent on Tuesday to order 12 Bombardier CSeries jets valued at $1.1 billion at list prices.

It is the first order for the C Series since the surprise announcement in October that Airbus was taking a majority stake in the programme.

MONTREAL-Bombardier Inc. said its deal with Airbus has yet to ignite new sales discussions, but existing efforts have yielded results as the manufacturer announced a potential order with Africa's largest airline. "That will take our firm order book to over 400 airplanes".

The accord is a significant win for Bombardier, which gains another customer for its new jet less than a month after the company agreed to cede control of the CSeries to Airbus in exchange for the European planemaker's marketing heft, manufacturing expertise and financial muscle.

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Bombardier's deal with EgyptAir follows signed agreements with Iraqi Airways, Bahrain's Gulf Air, among other Middle East regional carriers.

The EgyptAir LOI also includes purchasing options for a further 12 CSeries that, if exercised, would increase the total value of the deal to almost $2.2 billion. The aircraft had been plagued by delays and cost overruns, and recently was hit with potentially crushing tariffs in the U.S. after a trade complaint by Boeing.

EgyptAir chairman and CEO Safwat Musallam said the planes will help the airline to modernize its fleet. The aircraft had been plagued by delays and cost overruns, and recently was hit with 300 percent tariffs in the US after a trade complaint by Boeing.

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