CAE Tops Bombardier as Jet Trainer Now Worth More Than Jetmaker
CAE Tops Bombardier as Jet Trainer Now Worth More Than Jetmaker
(Bloomberg) -- CAE Inc. the Montreal-based company that’s been training pilots to fly jets made by Bombardier Inc. and other manufacturers for years, is now worth more than Bombardier itself. CAE agreed to buy Bombardier’s training program for an enterprise value of $645 million, bringing in-house a team that already shares space in CAE’s Montreal and Dallas offices. CAE shares jumped 1.1 percent on the news, giving it a market value of C$6.44 billion ($4.9 billion). Bombardier went the other way, plunging 23 percent, cutting its value to C$5.96 billion. CAE has about 9,000 employees, well short of the 69,500 at Bombardier.
--With assistance from Sandrine Rastello and Frederic Tomesco.
To contact the reporter on this story: David Scanlan in Toronto at dscanlan@bloomberg.net
To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Brendan Case
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