A Flexjet Lear 60 pictured at Ohio State University Airport in Columbus, Ohio. Photo: Stephen Mosley Sr. – OPShots Contributor//
The fractional aircraft ownership industry is continuing to reshape with the decision by Bombardier to sell its Flexjet activities to Flight Options parent Directional Aviation Capital in a deal that comes with a new order for up to 245 Bombardier business aircraft valued at $5.2 billion.
The sale, subject to regulatory approvals and other conditions, is expected to close by year’s end.
Directional is paying just $185 million for the Flexjet assets, but is agreeing to place firm orders for 85 Learjet and Challenger aircraft valued at $1.8 billion and options for an order of another 160. The firm orders comprise 25 Learjet 75s, 30 Learjet 85s, 20 Challenger 350s and 10 Challenger 605s. Deliveries are expected to begin in 2014 and continue through 2018.
Also as part of the sale, Bombardier is selling its 49% stake in Flexjet partner Jet Solutions, which held the Part 135 certificate and contracted to provide charter flights for Flexjet. The 51% stakeholders of Jet Solutions, including President Dennis Keith, are buying the remaining portion of their company, but will maintain their strategic relationship with Flexjet, says Flexjet President Deanna White.
