Japanese firm Mitsubishi Heavy Industries (MHI) and Canadian company Bombardier have agreed on the closing date of the acquisition of the Canadair Regional Jet (CRJ) programme.

The transaction will be completed on 1 June as all closing conditions related to the acquisition have been satisfied.

When complete, the programme will operate under the newly created group entities of MHI RJ Aviation Group (MHIRJ) and commence once the deal is closed.

In June 2019, the two companies entered a definitive agreement, under which MHI agreed to acquire Bombardier’s regional jet programme for a cash consideration of $550m, payable to Bombardier.

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They also agreed that Bombardier’s net beneficial interest of approximately $180m in the Regional Aircraft Securitization Program (RASPRO) will be transferred to MHI.

With this deal, MHI acquires the CRJ Series aircraft’s activities such as maintenance, support, refurbishment, marketing and sales, along with the type certificates.

It includes CRJ associated services and support network mainly in Mirabel, Québec; and Toronto, Ontario in Canada. The service centres in Bridgeport, West Virginia; and Tucson, Arizona in the US are also included.

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Following the acquisition, CRJ Spare parts will continue to be distributed from depots in Chicago, Illinois, and Frankfurt, Germany.

The programme will offer all-round servicing and support solutions for the global aircraft industry, as well as the CRJ Series aircraft. It will also provide solutions for the Mitsubishi SpaceJet family of next-generation regional jets.

In February, Bombardier agreed to divest its remaining stake in the Airbus Canada signalling its exit from commercial aviation.

This deal will see Airbus and the Government of Québec respectively hold 75% and 25% in Airbus Canada, which is responsible for the A220 programme.