Company News

Airbus to buy rest of Bombardier stake in A220 passenger jet programme

PARIS, Feb 13 (Reuters) - European planemaker Airbus has reached a deal to buy the remaining stake of Canadian plane and train maker Bombardier in the A220 passenger jet programme, it said on Thursday.

The deal signals Bombardier’s exit from commercial aviation by transferring its remaining interest in Airbus Canada to the main parent Airbus SE company and the government of the Canadian state of Quebec.

Bombardier will receive $591 million, net of adjustments, and will no longer have future funding capital requirements to Airbus Canada. The deal will secure more than 3,300 Airbus jobs in Quebec, the companies added. (Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)