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Business deals

Mitsubishi Heavy to acquire Bombardier jet unit for $550m

Japanese group seeks faster entry into commercial aviation market

Mitsubishi Heavy will also obtain a maintenance hub network with the acquisition of Bombardier's CRJ passenger jet business. (Photo courtesy of Bombardier) 

TOKYO -- Mitsubishi Heavy Industries will purchase Bombardier's regional jet program for $550 million in cash, the two companies said Tuesday, in a move that is expected to help the Japanese group break into the highly competitive commercial aviation market.

The acquisition gives Mitsubishi immediate access to the Canadian company's network of maintenance hubs in North America -- the region that is the primary target of Mitsubishi's aviation foray -- as well as know-how and experience.

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