NetJets will add up to 250 of Embraer’s midsize Praetor 500 private jets to its fleet, with first deliveries slated for 2025.
Days after Berkshire Hathaway Chairman Warren Buffett praised NetJets Chairman and CEO Adam Johnson, his private jet company said it is buying Embraer’s Praetor 500 midsize jets. In November, Private Jet Card Comparisons exclusively reported the possibility of a deal in a story detailing the fractional provider’s waitlist, which stretches into 2024.
The agreement with Embraer calls for the world’s largest private jet operator to add up to 250 Praetor 500s.
According to the announcement, the deal is valued at more than $5 billion.
Deliveries are expected to begin in 2025.
NetJets has been a customer of the Brazilian OEM since 2010 when it signed a purchase agreement for 50 Phenom 300 aircraft with up to 75 additional options.
In 2021, after receiving over 100 of the top-selling light jets, NetJets signed a continuing deal for up to 100 additional Phenom 300E jets, over $1.2 billion.
“We are eager to add the Embraer Praetor 500, one of today’s most state-of-the-art business jets, to our midsize fleet,” said Doug Henneberry, Executive Vice President of NetJets Aircraft Asset Management.
He added, “This historic fleet agreement is another way that we are growing our fleet for the benefit of our loyal customers. By adding up to 250 aircraft to our fleet, we will continue providing NetJets owners with exceptional service and seamless access to all corners of the globe.”
The company is currently averaging over 1,200 worldwide flights per day, it said.
“Since 2010, Embraer has enjoyed NetJets’ ongoing commitment to our industry-leading aircraft, which is a true testament to the value of our brand and our ability to deliver the ultimate experience in business aviation,” said Michael Amalfitano, President and CEO of Embraer Executive Jets.
He added, “Our strategic partnership has been an integral part of our business growth, with NetJets taking all aircraft delivery options that have been ordered with Embraer since inception. After building this successful foundation with the Phenom 300 series, it’s our pleasure to have now signed this monumental deal for the Praetor 500 midsize jet. We look forward to an even more exciting future ahead.”
The Praetor 500 offer offers a coast-to-coast range with the lowest cabin altitude in its class and the tallest and widest cross-section in the segment.
It also offers a flat-floor cabin and a fully enclosed internal baggage compartment.
Rival Flexjet was a launch customer of the Praetor 500.