EgyptAir signs $1.1 bln deal for 12 Bombardier CSeries jets

EgyptAir signs $1.1 bln deal for 12 Bombardier CSeries jets

The announcement was made at the Dubai Airshow and the firm has signed a letter of intent (LOI).

The total order would be valued at almost $2.2 billion, Bombardier said, at current list prices.

After the decision, Bombardier sold a majority stake in its C Series jet business to European aerospace giant Airbus for no cost.

The CS300 is the larger version of Bombardier's C Series aircraft. The deal is valued at $1.1 billion based on list prices.

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The US trade department imposed tariffs of 300% on the C Series as it upheld a complaint from Boeing over subsidies the aircraft received from the Canadian and United Kingdom governments.

A USA trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the CSeries, after Boeing complained the planes had been subsidised and sold below cost in the United States. The agreement makes good on the company's expectations that the Airbus deal will bolster confidence in the program and accelerate sales. That's a distinct turnaround, as prior to the deal Bombardier hadn't sealed a major purchase since Delta Air Lines Inc. ordered 75 planes in April 2016. The C Series was two-and-a-half years late and more than $2bn over budget when it entered service at Deutsche Lufthansa's Swiss International unit in July 2016. Airbus has also been in talks to secure a commitment from the carrier, the people said.

Bombardier Commercial Aircraft President Fred Cromer could not say whether EgyptAir would be the first Middle East airline to operate the CSeries.

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