Provided by Bombardier Inc/Globe Newswire
MONTRÉAL, March 14, 2019 (GLOBE NEWSWIRE) — Bombardier today confirmed the conclusion of the previously announced sale of its flight and technical training activities to CAE, for an enterprise value of $645 million. Net proceeds are expected to be approximately $500 million after the assumption of certain liabilities, fees, and closing adjustments.
“Bombardier and CAE share a deep commitment to providing outstanding support to their customers,” said Jean-Christophe Gallagher, Vice President and General Manager, Customer Experience, Bombardier Business Aircraft. “Bombardier’s talented employees and strong relationships with clients, combined with CAE’s network and expertise, will elevate the customer experience. As CAE grows its core training business, Bombardier continues to expand its service offerings and dedicated support, each to the benefit of Bombardier Business Aircraft customers around the world.”
Bombardier and CAE also agreed to continue their Authorized Training Provider (ATP) relationship pursuant to which CAE carries out the training activities for Bombardier Business Aircraft, including from the training centres located in Montréal and Dallas.