Transpordi Varahaldus OÜ (TVH), a state-owned asset management company, has signed an agreement to sell seven Bombardier CRJ900NG regional aircraft to Regional One, a US-based aviation company specialising in aircraft leasing, repair, and maintenance. The contract is valued at 37.5 million US dollars – this amount also covers, if necessary, the costs of preparing the aircraft for delivery, which will be deducted from the total purchase price.

“This agreement is the result of a thorough and extensive process during which Transpordi Varahaldus worked diligently to ensure the best possible outcome for the state,” said Minister of Infrastructure Kuldar Leis. A total of nearly 30 companies showed interest in the aircraft, and 11 companies submitted offers. “We have reached an agreement with a buyer whose offer was the strongest both in substance and financially, and who can see the deal through.”

TVH began preparing for the sale of the aircraft in summer 2024 by collecting indicative offers from established industry participants. Initial bids ranged from 20 to 40 million dollars. TVH entered the next phase of negotiations with the highest bidder; however, those talks did not result in a transaction. This spring, negotiations continued with the next most competitive bidder, ultimately leading to a signed agreement with EIC Aircraft Leasing Ltd, an Ireland-based company within the Regional One group.

According to Ergo Blumfeldt, Member of the Management Board at TVH, a typical sales process for commercial aircraft spans 6–12 months, allowing sellers to secure the most favourable terms, including price. “Carrying out a comprehensive sales process in collaboration with experienced aviation broker SGI Aviation has proven worthwhile. In our view, the agreed contract price reflects a fair valuation of the assets and aligns with current market conditions,” Blumfeldt added.

Following the contract signing, each of the 88-seat aircraft, preserved in long-term storage, will undergo detailed technical inspections and maintenance procedures to ensure they are 100% flight-ready. This includes removing preservation materials, evaluating the effects of storage on the technical condition of the aircraft, conducting manufacturer-mandated inspections of engines and avionics, and carrying out all required tests, including ground performance checks for all 14 engines.

Once all technical requirements are met and airworthiness is confirmed, the aircraft will be cleared for passenger transport. Any deficiencies identified during the airworthiness inspection will be rectified by Transpordi Varahaldus, to the extent agreed in the contract.

“The aircraft have been parked and preserved at Tallinn Airport since the end of last year, in full compliance with strict aviation standards. The buyer is scheduled to conduct technical inspections in July, and the entire transfer process is expected to be completed by autumn,” said Blumfeldt. He added that the transaction is also subject to mandatory foreign investment reliability review by the Consumer Protection and Technical Regulatory Authority (TTJA).

TVH is a state-owned enterprise acting as an investment company, financing and managing investments in transport sector fixed assets, including those intended for lease. In addition to the seven 88-seat Bombardier CRJ900NG regional jets, the company also owns aircraft engines and other aviation assets. Once the sale is completed and all obligations are fulfilled, the owner intends to initiate the planned liquidation of the company.