Embraer Bags $288M Aircraft Oder From Nigeria's Air Peace

Nigeria-based Air Peace has placed a firm order for five Embraer SA ERJ E175 aircraft. The value of the order, at list price, is $288.3 million.

Deliveries of the 88 seat aircraft will start in 2024. The decision marks a significant step forward and aligns with Air Peace's ongoing strategy of modernizing its fleet. 

The order is in line with Air Peace's determination to become the operator of Africa's largest and youngest aircraft fleet. 

Air Peace already operates Embraer's newest and largest jet, the E195-E2 and the E175 will complement the airline's existing fleet.

"Acknowledging Air Peace's significant investment in the acquisition of the "Embraer fleet of aircraft, which has increased to 18 brand new firm aircraft to date, Embraer, in partnership with Air Peace is committed to directly supporting the establishment of local maintenance capabilities in Nigeria," said Stephan Hannemann, VP Sales & Marketing, Head of Africa & Middle East Region, Commercial Aviation.

Price Action: ERJ shares closed lower by 1.88% at $14.58 on Thursday.