Bombardier in talks with EgyptAir for $1.1 bln CSeries deal

A model of Bombardier C Series aeroplane is seen in the Bombardier offices in Belfast Northern Ireland

Bombardier, EgyptAir strike deal for up to 24 C Series jets

At the Dubai Airshow on Tuesday, EgyptAir signed a letter of intent for 12 firm and 12 optional C Series CS300 aircraft.

A firm-order contract would be valued at around $1.1 billion and is EgyptAir buys all 24 planes the contract value would increase to almost $2.2 billion.

The CS300 is the larger version of Bombardier's C Series aircraft.

Last month, Airbus agreed to take a majority stake in the C-Series project.

Bombardier is engaged in a trade dispute with Boeing, which complained that the CSeries had been subsidized and sold below cost in the United States.

He added that the new partnership with Bombardier emphasized the future vision for the Middle East and Africa, and will fulfill the market demands. A U.S. trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the planes as urged by the U.S. Commerce Department. Bombardier hasn't sealed a major purchase since Delta Air Lines ordered 75 aircraft in April 2016.

The CS300 carries a list price of $89.5 million, although discounts of 50 percent or more are common in the industry. The aircraft can carry 130 to 160 passengers. 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.

The shopping spree, following months of negotiations, marks an expansion push for Egypt's flag carrier after it weathered slumping tourist visits and a fatal crash in 2018.

The LOI was signed by Safwat Musallam, Chairman and CEO of EgyptAir Holding Company, and Fred Cromer, President, Bombardier Commercial Aircraft, in the presence of the Minister of Civil Aviation of Egypt, Sherif Fathi.

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