đź“·Cebu Pacific chief executive officer Michael Szucs | LinkedIn
Leading carrier of the Philippines, Gokongwei family’s Cebu Pacific, has signed a legally binding memorandum of agreement with Airbus for acquiring up to 152 A321neo aircraft valued at $24 billion or P1.4 trillion.
In a regulatory disclosure, Cebu Pacific’s operator Cebu Air Inc. said it signed a memorandum of understanding (MOU) with Airbus covering firm orders for up to 102 A321neo, and 50 A320neo Family purchase rights, powered by Pratt & Whitney GTF engines.
The purchase agreement is seen to be finalized in the third quarter of the year.
“The order is designed to provide Cebu Pacific with maximum flexibility to adapt fleet growth to market conditions, with the ability to switch between the A321neo and A320neo,” Cebu Pacific chief executive officer Michael Szucs said.
“When finalized, the deal will be a significant milestone for the local airline industry and a testament to CEB’s unwavering commitment to support the Philippine growth story,” Szucs added.
Earlier this year, Cebu Pacific expected closing the year with 95 aircraft, therefore increasing its full-year 2024 seat capacity by 12% to 15% from 2023.
There will be sixteen ATRs, fifty-one Airbus NEOs, and twenty-eight Airbus CEOs among the ninety-five aircraft scheduled for completion by year end. (TCSP)
