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

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

Bombardier (TSX:BBD.B) says that based on the list price of the CS300 that a firm order for 12 aircraft would be valued at about $1.4 billion.

Bombardier on Tuesday said EgyptAir signed a letter of intent to purchase up to 24 of the plane maker's CS300 aircraft.

"We undertook a thorough evaluation process of our fleet and realised that the CS300 would fit perfectly into our business plans and growth strategy", EgyptAir CEO Safwat Musallam said in the statement. Bombardier hasn't sealed a major purchase since Delta Air Lines ordered 75 aircraft in April 2016. "We are confident that our small single-aisle C Series is ideally-suited to serve the hot temperature environments of the region".

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The previous sale covered 31 aircraft for an unidentified European client.

To date, Bombardier is thought to have won orders for more than 400 of the C Series aircraft. In October, it said it would impose an 80 per cent duty on top of duties of almost 220 per cent on the aircraft, a benefit for rival Boeing.

With the EgyptAir announcement, up to 85 new CSeries jets are covered by commitments disclosed since Bombardier agreed to transfer a majority stake in the small narrowbody programme to Airbus in a deal set be finalised in the second half of 2018.

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