Bombardier finalizes Philippine Air aircraft deal

(Reuters) - Bombardier Inc said it finalized a deal with Philippine Airlines Inc under which the carrier will buy five Q400 aircraft and will have the rights to purchase an additional seven of the turboprop planes. The deal is valued at about $165 million based on the list price of the aircraft, and could increase to $401 million should Philippine Airlines exercise all its purchase rights, Bombardier said. Bombardier, which signed a letter of intent with Philippine Airlines in October to sell up to 12 Q400 aircraft, said it expects the five Q400 aircraft to be delivered through 2017. (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty)