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Investing.com -- Embraer Executive Jets, a division of Embraer (NYSE: ERJ), has entered into a purchase agreement with Flexjet, a global leader in the fractional jet ownership segment. The deal involves a fleet of Embraer business jets, including the Praetor 600, Praetor 500, and Phenom 300E models, and an enhanced suite of services and support.
The deal is valued at up to $7 billion at current list prices, marking the largest order in the history of Flexjet, which has been in operation for 30 years. The order is also the largest firm order for Embraer’s executive aircraft. Flexjet, a longtime customer of Embraer, has reaffirmed its commitment by being the first fleet customer for Praetor jets and is now introducing the new generation of the Phenom 300E model to its expanding global portfolio.
Michael Amalfitano, President & CEO, Embraer Executive Jets, expressed his delight at Flexjet’s renewed commitment to Embraer through the comprehensive purchase agreement, which he said further strengthens their strategic partnership of over 20 years. Amalfitano also expressed his excitement to continue offering Flexjet’s customers access to Embraer’s market-leading Phenom jets and Praetor jets.
The partnership between Embraer and Flexjet began in 2003 when Flight Options, which merged with Flexjet in 2015, became the first fractional ownership program to introduce the Legacy executive jet. This partnership has grown significantly over the years and continues today with a growing presence of Praetor 600, Praetor 500, and Phenom 300 series aircraft in Flexjet’s global fleet.
Michael Silvestro, CEO of Flexjet, commented on the historic firm order, stating that it seemed fitting to extend their rewarding and long-term relationship with Embraer in their 30th year at Flexjet. Silvestro noted that since 2003, Flexjet has accepted delivery of more than 150 Embraer aircraft. He highlighted the high performance of the Praetor 500 and Praetor 600 in the Flexjet fleet and mentioned the well acceptance of the Praetor 600 in Europe, leading to its inclusion in their North American fleet in 2023.
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