Shares of Brazil based aircraft manufacturer Embraer SA (NYSE:ERJ) are trading higher on Wednesday.

Embraer Executive Jets, a division of Embraer, has reached a major purchase agreement with Flexjet.

The new agreement is worth up to $7 billion, encompassing a firm order for 182 aircraft, along with 30 options, as well as an upgraded package of services and support.

The deal includes a range of Embraer business jets, including the Praetor 600, Praetor 500, and Phenom 300E models.

Valued at up to $7 billion based on current list prices, this is Flexjet’s largest order in its 30-year history, as well as Embraer’s biggest firm order for executive aircraft.

The partnership between Embraer and Flexjet began in 2003 with the launch of the legacy Executive jet. Flexjet’s newest acquisition will further enhance its growing global fleet.

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“Since 2003, we have accepted delivery of more than 150 Embraer aircraft,” said Flexjet CEO Michael Silvestro.

“Both the Praetor 500 and Praetor 600 are high performers in the Flexjet fleet. Praetor 600 was so well accepted in Europe, we opted to include it in our North American fleet in 2023, extending our Embraer fleet across two continents.”

Embraer delivered 75 aircraft in the fourth quarter of FY24, a 27% increase from the third quarter of FY24. For the full year, deliveries increased 14% to 206 aircraft.

Price Action: ERJ shares are trading higher by 11.8% at $44.55 at the last check Wednesday.

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This article Embraer Lands Record $7 Billion Flexjet Order, Stock Jumps originally appeared on Benzinga.com

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