Embraer Executive Jets, a division of Embraer (NYSE: ERJ) announced today a purchase agreement with Flexjet, global leader in the fractional jet ownership segment. The agreement comprises a fleet of Embraer business jets, which includes the Praetor 600, Praetor 500 and Phenom 300E models, as well as an enhanced suite of services and support.
The agreement is valued at up to USD $7 billion at current list prices. This is the largest order placed by Flexjet in its 30-year history and is also the largest firm order for Embraer's executive aircraft. With the order, Flexjet reaffirms its longstanding commitment as Embraer's first fleet customer for Praetor jets and now introduces the improved new generation of the Phenom 300E model to its growing global portfolio.
"We are delighted with Flexjet's renewed commitment to Embraer through this comprehensive purchase agreement, which strengthens even further our strategic partnership of over 20 years," said CEO Michael Amalfitano. "We are excited to continue offering Flexjet's customers access to our market-leading Phenom jets and our Praetor jets, the best in their respective categories."
ERJ shares hiked $3.32, or 8.3%, to $43.17.
