MONTREAL ---- Bombardier confirmed today the closing of the previously announced sale of the Q Series aircraft program assets to De Havilland Aircraft of Canada Limited (formerly Longview Aircraft Company of Canada Limited), an affiliate of Longview Aviation Capital Corp., for gross proceeds of approximately $300 million.
Net proceeds are expected to be approximately $250 million after the assumption of certain liabilities, fees, and closing adjustments.
Longview will carry on the production of Q400 aircraft at the Downsview Facility in Toronto, and will continue performing aftermarket services for Q Series aircraft. Bombardier will provide transitional services and will license certain intellectual property to Longview to facilitate a seamless transition of the Q Series aircraft program.
Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries as well as a broad portfolio of products and services for the business aviation, commercial aviation and rail transportation markets. In the fiscal year ended December 31, 2018, Bombardier posted revenues of $16.2 billion US.