Canadian jet maker Bombardier has purchased British Airways from its parent company, British Airways, for $1.7 billion, marking the first time the two companies have partnered in such a way.
The deal will create the world’s biggest aircraft carrier, Bombardiers plans say.
Bombarders chief executive officer Doug Porter said in a statement that the two airlines have « joined forces to transform British Airways into a global leader in aviation. »
He said the new carrier will also offer the widest range of services to the aviation and technology sectors.
« We will continue to work closely with the British Airways team to ensure the success of the new airline, » Porter said.
British Airways’ CEO Andy Palmer said in an interview with Reuters that the deal will enable the airline to become « the most trusted and dependable airline in the world. »
It comes amid the U.K. government’s announcement that it will leave the European Union in March 2019.
Britain’s government announced the decision amid concerns that the nation could face a financial crisis if it remains in the bloc.
Porter told Bloomberg that he expected the deal to be completed by the end of 2019.
The new deal is subject to regulatory approval in the U, U.S. and Canada.
British has a fleet of Boeing 777s and Airbus A350s that have been among the company’s most profitable aircrafts.
British was valued at $2.4 billion before the deal.
The two companies are expected to continue operating British’s 737 MAX aircraft.