Embraer Executive Jets, a division of Embraer (NYSE: ERJ / B3: EMBR3), today announced a purchase agreement with Flexjet, a global leader in the fractional ownership market for executive jets. The agreement covers a fleet that includes the Praetor 600, Praetor 500 and Phenom 300E models, as well as a comprehensive service and package.
The deal is valued at up to $7 billion at current list prices. This is the largest order placed by Flexjet in its 30-year history, and is also the largest firm order for Embraer executive jets. Flexjet reaffirms its long-standing commitment as the number one fleet customer for Embraer’s Praetor jets and now introduces the next-generation Phenom 300E model to its growing global portfolio.
“We are delighted with Flexjet’s renewed commitment to Embraer through this comprehensive purchase agreement, which further strengthens our strategic partnership of more than 20 years,” said Michael Amalfitano, President and CEO, Embraer Executive Jets. “We are excited to continue offering Flexjet customers access to our industry-leading Phenom jets and best-in-class Praetor jets.”
The partnership between Embraer and Flexjet began in 2003 when Flight Options, a company that became part of the Flexjet group in 2015, became the first fractional ownership company to introduce the Legacy Executive jet into its fleet. This long-standing 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.
“As Flexjet celebrates its 30th anniversary, it seems fitting to extend our long-standing and fruitful relationship with Embraer with this historic firm order. Since 2003, we have taken delivery of more than 150 Embraer aircraft,” said Michael Silvestro, Flexjet CEO. “Both the Praetor 500 and Praetor 600 are high-performance aircraft in the Flexjet fleet. The Praetor 600 has been so well-received in Europe that we have chosen to add it to our North American fleet in 2023, expanding our portfolio of Embraer jets on both continents. And as the first company to offer fractional ownership of the Praetor 500, our maintenance technicians and pilots are intimately familiar with the aircraft and excited about the continued growth of this fleet.”
Flexjet has a history as the first fleet customer for three Embraer products: the Legacy Executive in 2003; the Phenom 300 in 2010; the Legacy 450 in 2016; and the Praetor 500/Praetor 600 in 2019. Flexjet has also celebrated significant milestones with Embraer, including the delivery of the 100th Phenom 300 jet in 2012 and Embraer’s 1.000th executive jet, a Legacy 500, in 2016. These aircraft have broken barriers in their respective categories, with the Phenom 300 being the most delivered light business jet in the world for 12 consecutive years, according to figures released by the General Aviation Manufacturing Association (GAMA). The Legacy 450 and Legacy 500 were the first fly-by-wire aircraft in Flexjet's fleet, offering larger aircraft performance with midsize economics.
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