Airbus C Series deal to close July 1
Airbus SE, Bombardier and Investissement Québec have agreed to close the C Series transaction effective on July 1, 2018, meaning Airbus will acquire a majority stake in the C Series Aircraft Limited Partnership (CSALP).
The Mirabel-based partnership, first announced in October 2017, was originally established between Bombardier and IQ.
Airbus says it will work with its partners Bombardier and IQ to “fully unlock the C Series’ potential”. The partnership’s head office, primary assembly line and related functions will be based in Mirabel, Québec.
Bombardier will continue with its current funding plan of CSALP.
Having delivered 17 aircraft in 2017, the C Series programme is gearing up to double its deliveries in 2018.
Following the announcement of the partnership, the parties say they expect increased demand to support a second C Series Final Assembly Line in Mobile, Alabama, dedicated to supplying US-based customers.
Airbus Chief Executive Officer Tom Enders said: “The strength of the entire Airbus organisation will be behind the C Series. Not only will that enable this outstanding aircraft to fulfill its market potential, but we are convinced the addition of the C Series to our overall aircraft product offering brings significant value to Airbus, our customers and shareholders.”
Alain Bellemare, Bombardier President and Chief Executive Officer, said: “This marks the beginning of a very exciting new chapter for the C Series and the Canadian Aerospace industry. The C Series is widely recognised as the most advanced and efficient aircraft in its class and this partnership will ensure its commercial success. Airbus’ unmatched global scale, strong customer relationships and operational expertise are necessary ingredients for unleashing the full value of the aircraft. Together, we will create tremendous new value and opportunities for airlines, suppliers, shareholders and employees.”
“The C Series team in Québec is proud to participate in this opportunity to drive the success of this amazing aircraft,” said Philippe Balducchi, CEO of the C Series partnership. “Our teams have worked tirelessly to merge cultures and bring operations together well ahead of schedule and are confident in our ability to make this win-win partnership a thriving commercial success. The composition of the C Series leadership team reflects our principles of bringing together the best talent that both sides have to offer. We are ready to turn outward and help our customers get their hands on the hottest aircraft in its segment.”