11/14/2017 01:57 EST | Updated 11/14/2017 02:20 EST

Bombardier signs letter of intent with EgyptAir for up to 24 CS300 aircraft

MONTREAL — Bombardier Inc. has signed a letter of intent to sell up to 24 CS300 aircraft to EgyptAir Holding Co.

The CS300 is the larger version of Bombardier's C Series aircraft.

The agreement announced at the Dubai Airshow includes 12 CS300 aircraft with purchase rights for an additional 12 aircraft.

Bombardier (TSX:BBD.B) says that based on the list price of the CS300 that a firm order for 12 aircraft would be valued at about $1.4 billion.

If EgyptAir also exercises the 12 purchase rights, the contract value would double to roughly $2.8 billion.

EgyptAir is the national airline of Egypt.