Tags: Berkshire | NetJets | buy | Embraer | Planes | buffett

Berkshire’s NetJets to Buy Up to 125 Embraer Planes

Monday, 18 Oct 2010 03:38 PM

NetJets Inc., the luxury flight business owned by Warren Buffett’s Berkshire Hathaway Inc., agreed to buy as many as 125 planes from Empresa Brasileira de Aeronautica SA.

The twin-engine Phenom 300 jet has a list price of $8.4 million, according to Embraer, valuing the deal at as much $1.05 billion by that measure. NetJets didn’t disclose terms and said the jets are a Platinum Edition model designed for the company. Fleet purchases typically are at a discount to list prices.

“This is a high-performance aircraft that is ideally suited to our owners’ needs,” NetJets Chief Executive Officer David Sokol said today in a statement. NetJets said its fleet numbers more than 800 aircraft.

Messages left for comment with Columbus, Ohio-based NetJets and Embraer weren’t immediately returned. Embraer, which is based in Sao Jose dos Campos, Brazil, rose 1.3 percent to 11.35 reais at 5:09 p.m. in Sao Paulo trading.

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NetJets Inc., the luxury flight business owned by Warren Buffett s Berkshire Hathaway Inc., agreed to buy as many as 125 planes from Empresa Brasileira de Aeronautica SA. The twin-engine Phenom 300 jet has a list price of $8.4 million, according to Embraer, valuing the...
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2010-38-18
Monday, 18 Oct 2010 03:38 PM
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