US private equity firm to buy Bombardier's Flexjet

MONTREAL (AP) U.S. private equity firm Directional Aviation Capital is leading a group that has agreed to buy Bombardier's Flexjet fractional business aircraft ownership service for $185 million.

The new owners have also ordered up to 245 Bombardier aircraft in a deal whose value could reach some $5.2 billion. The order the largest in Flexjet's history includes a firm order for 85 business jets and 160 options for various Challenger and Learjet aircraft. The firm order is valued at $1.8 billion.

Flexjet allows companies and wealthy individuals to own a portion of an aircraft or to purchase flight hours on its portfolio of Bombardier aircraft.

Bombardier CEO Pierre Beaudoin said Thursday he wants to focus on Bombardier's core business. Bombardier is world's third-largest maker of civilian commercial aircraft.