MONTREAL -- Bombardier Commercial Aircraft and EgyptAir Holding Company have executed a firm agreement for the sale of 12 CS300 aircraft, along with purchase rights for an additional 12 CS300s. The CS300 is a member of the Bombardier CSeries commercial aircraft family.

The deal represents the conversion of a Letter of Intent (LOI) from EgyptAir to a firm order. That LOI had been announced in November 2017 during the Dubai Air Show.

"As we look back at the CSeries successful entry in service, we are thrilled that its many achievements are paving the way to further success. Welcoming EgyptAir to the family of CSeries operators is another landmark moment for Bombardier," said Fred Cromer, President of Bombardier Commercial Aircraft. "The aircraft is performing exceptionally well, the industry recognizes the CSeries as best in class, and this order from another well-established airline is testament to its tremendous value."

According to Bombardier, the order will enable EgyptAir to better serve domestic and regional destinations as well as several European and African destinations.

"The CS300's unique profitability profile will allow us to open up new opportunities and fits perfectly into our growth strategy," said Safwat Musallam, Chairman and CEO of EgyptAir. "Our passengers will experience modern and best-in-class comfort, and we look forward to integrate this innovative and efficient aircraft to our fleet."

Based on list price, the firm order contract is valued at approximately $1.1 billion. Should EgyptAir exercise the 12 purchase rights, the contract value would increase to nearly $2.2 billion.

Source: Bombardier Commercial Aircraft