Chorus Aviation will acquire five, mid-life Bombardier Q400 aircraft currently on lease with airline Flybe.
The transaction is expected to close by this summer and is subject to customary conditions precedent to closing - this marks 50 commitments to its Chorus Aviation's regional aircraft leasing business.
"We are very pleased to expand our relationship with our existing customer, Flybe," said Steve Ridolfi, president, Chorus Aviation Capital. "In less than two years we've grown our leasing portfolio to 50 aircraft acquired at approximately $995 million with $765 million in future contract lease revenue."
Joe Randell, president and chief executive officer at Chorus Aviation added: "In addition to growing CAC's lease portfolio, these mid-life aircraft play to the Chorus group's strengths as a diversified provider of regional aviation services.
"At the end of the lease term, Chorus will have multiple potential uses for these aircraft, including lease extensions, re-leases or sale to new operators, conversions to non-passenger use, or disassembly for parts sales. I applaud the Chorus team for reaching this important milestone and for embracing our vision to become a worldwide provider of integrated regional aviation services."
Upon the completion of this transaction, and seven other aircraft pending delivery to other customers, CAC's portfolio will include 38 turboprops and 12 regional jets placed with 13 airlines on six continents.
Combined with the 47 aircraft leased under the capacity purchase agreement with Air Canada, Chorus' fleet of leased aircraft has reached 97 aircraft valued at approximately $1.6 billion<.