CAE has concluded the previously announced strategic partnership with Directional Aviation Capital (DAC), as well as the acquisition of 50 percent of the shares of SIMCOM Holdings Inc.
As part of this transaction, which was first announced on August 29, 2019, CAE acquired for approximately US$85 million a fifty-percent stake in SIMCOM Holdings Inc. In addition, DAC's affiliated business aircraft operators, which include Flexjet, Flight Options, Flairjet, Sirio, Nextant Aerospace and Corporate Wings have entered into a 15-year exclusive training services agreement with SIMCOM and CAE.
As announced on October 22, 2019, SIMCOM has purchased five CAE 7000XR Series full-flight simulators (FFSs) and five CAE 400XR Series flight training devices (FTDs) from CAE. These FFSs include a Gulfstream G650, two Bombardier Challenger CL350s, one Embraer Phenom 300 and one Embraer Legacy 500. SIMCOM plans to install its new CAE training equipment in the new training centre, which is under development in Lake Nona, Florida.