Mitsubishi Heavy Industries (MHI) has closed the purchase of the CRJ Series aircraft program from Bombardier.

Under the deal, MHI acquired the maintenance, support, refurbishment, marketing, and sales activities for the CRJ Series aircraft as well as the type certificates.

Also, Bombardier passed to MHI the related services and support network located in Montréal, Québec, and Toronto, Ontario, and its service centres located in Bridgeport, West Virginia, and Tucson, Arizona.

“Bombardier will continue to supply components and spare parts and will assemble the remaining 15 CRJ aircraft in the backlog as of March 31, 2020 on behalf of MHI until the complete delivery of the current backlog, expected in the second half of 2020”, Bombardier said in a statement.

Terms of the deal include cash consideration of roughly $550 million, subject to post-closing adjustments and the assumption of liabilities by MHI related to credit and residual value guarantees and lease subsidies amounting to approximately $200 million.

Under the agreement, Bombardier’s net beneficial interest in the Regional Aircraft Securitization Program (RASPRO), which is valued at approximately $170 million, has been transferred to MHI.