Brazil's Embraer agrees $5 billion plane sales deal with Berkshire Hathaway's NetJets
Reuters
Published May 11, 2023 06:16PM ET
Updated May 11, 2023 06:51PM ET
SAO PAULO (Reuters) - Brazilian planemaker Embraer SA (NYSE:ERJ) said on Thursday it will sell up to 250 units of its Praetor 500 aircraft to Berkshire Hathaway 's (NYSE:BRKb) NetJets Inc in a deal valued at $5 billion, via an agreed options plan.
Netjets, a U.S. company that offers shared ownership of private business jets, will start receiving the aircrafts in 2025, Embraer said in a securities filing.
The sale marks the third deal between the two firms, but is the first time Netjets will offer this specific aircraft, a midsize business jet, to its clients. Previously, Netjets had acquired Embraer's Phenom 300 jets.
The deal also includes a broad service contract, according to Embraer.
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Written By: Reuters
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