Embraer Seals $1 Billion Phenom 300 Order

 - December 27, 2007, 9:32 AM

Flight Options on November 30 simultaneously announced its finalized acquisition by Miami-based private equity firm HIG Capital and an order for nearly $1 billion worth of Embraer Phenom 300 light jets. In a deal announced in late October, HIG bought the fractional provider from Raytheon for an undisclosed sum. According to an HIG Capital spokesman, there are no management changes planned at Flight Options. The fractional provider’s Embraer firm order is for 100 Phenom 300s to be delivered over 10 years starting late 2009, with options for 50 more of the light jets. Embraer said the deal is the largest Phenom order and is worth $746 million and could reach $1.12 billion if all options are exercised. An additional agreement for a maintenance and support program is valued at more than $200 million. A Flight Options spokeswoman told AIN that the Phenom 300s will eventually replace the Hawker 400XPs in its fleet. The Hawker 400XPs will be phased out by 2017, she said.