Air Canada closes C$100m Jazz investment

Air Canada has invested C$97.3m in regional carrier Jazz Aviation's parent company, having closed a previously announced agreement under which Jazz will also acquire nine additional Bombardier CRJ900 regional jets. The agreement extends the carriers' contract through the end of 2035 while reducing the fees Jazz charges to Air Canada. It calls for Jazz to stop flying aging Dash 8-100 turboprops, reduce its Q400 fleet and fly more 50-seat Bombardier CRJ200s. Air Canada and Jazz parent Chorus have positioned the deal as responding to threatening competition. The investment gives Air Canada 9.99% of Chorus's shares, and Air Canada gains the right to nominate one director to Chorus's board. The airlines had announced the then-pending deal on 14 January.<br/>