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Cebu Pacific Buying 16 ATR Planes for $673.0 million

18 Jun

Cebu Air Inc. (CEB) is spending $673 million to acquire 16 more brand new aircraft from Toulouse-based turboprop aircraft maker ATR to meet the growing demand for inter-island services in the Philippines.

The acquisition of 16 ATR72-600 is in line with the low cost carrier’s vision of providing affordable air travel. Cebu Pacific has been operating ATR aircraft since 2008 enabling the budget airline to bring safe, reliable, and affordable air transport to smaller cities and islands throughout the Philippines.

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The transaction would double the airline’s turboprop fleet size. It currently operates a fleet of 8 ATR 72-500 aircraft that would be retired as the new aircraft enter service.

Cebu Pacific is undertaking a $4 billion fleet renewal program. It is scheduled to take delivery of 7 more Airbus A320 and 30 A321neo between this year and 2021.

It has a fleet of 55 aircraft composed of 10 A319, 31 A320, six Airbus A330, and eight ATR-72 500 aircraft.

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Posted by on June 18, 2015 in CEB, Corporate News, Stock Market

 

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