The Helicopter Company (THC) has converted its July 2026 letter of intent with Bombardier into binding fleet purchase agreements for up to 60 business jets, including a firm order for 12 aircraft valued at about US$568 million at 2026 list prices. Bombardier and THC announced the agreements in Montreal on November 13, 2026.

The firm order covers five Challenger 3500, five Global 5500 and two Global 8000 aircraft, with options for 48 more. In its press release, Bombardier said the exercise of those options “would be at the discretion of the client.” The companies describe the agreement as the largest transaction of its kind in Saudi Arabia, and it marks THC’s entry into business aviation.

From a Farnborough letter of intent to a firm order

THC and Bombardier first signed a Letter of Intent (LOI) at the Farnborough International Airshow in the United Kingdom, which AirPro News reported as THC’s Bombardier letter of intent. According to the Public Investment Fund (PIF), which owns THC, the LOI pointed to a firm order for 12 aircraft, five Challenger 3500s, five Global 5500s and two Global 8000s, with purchase options for 48 more jets of the same models.

The November agreements keep that mix unchanged. The new release puts a value on the firm portion, about US$568 million at 2026 list prices, and states that the 48 options are at THC’s discretion. The release does not give a delivery schedule for the 12 firm aircraft.

PIF said the July signing was attended by Captain Arnaud Martinez, CEO of THC, Muhammad Ovais Yousuf, Head of Aviation & Security for PIF’s MENA Investments Division, and Bombardier leaders including CEO Éric Martel and Chairman Pierre Beaudoin.

THC’s move from helicopters to business jets

THC was established as part of PIF’s strategy to open new sectors in Saudi Arabia in support of Vision 2030, according to the company profile in the release. PIF describes THC as a PIF company founded in 2018. THC has operated since mid-2019, describes itself as the Kingdom’s leading commercial helicopter operator, and has more than 60 aircraft serving emergency medical services (EMS), aerial work, private charters and tourism.

When THC announced its business aviation launch at Farnborough, PIF said the company would move into chartering and managing business jets. PIF said the business jet segment targets Saudi and regional demand, with the aim of becoming the region’s leading business aviation operator and the preferred national carrier for private charters. The new release says the Bombardier order extends THC’s services to meet growing demand for premium business travel within Saudi Arabia and across the region.

THC sits within PIF’s Tourism, Travel & Entertainment ecosystem. PIF also launched the national airline Riyadh Air and owns the aircraft leasing company Avilease.

“This transaction marks THC’s entry into business aviation,” Martinez said in the release. He described it as the next step in building an integrated aviation operator for the Kingdom, and said demand for business aviation services in Saudi Arabia and the wider region continues to grow. He added that THC looks forward to bringing the aircraft into service as it continues to support the development of the Kingdom’s aviation sector under Vision 2030.

Martel called THC’s decision to move forward with the fleet purchase agreements “a meaningful vote of confidence in what our teams deliver every day.” He said Bombardier looks forward to supporting THC as it prepares to launch its business aircraft fleet.

The three Bombardier types in the order

In its account of the LOI, PIF said the planned fleet would span super-midsize, long-range and ultra-long-range jets. The Challenger 3500 carries up to nine passengers and has a range of 3,400 nautical miles (6,297 km). Bombardier says the type suits missions within the Gulf Cooperation Council region and has the lowest direct operating costs in its class.

The Global 5500 seats up to 16 passengers across three living zones and has a range of 5,900 nautical miles (10,927 km), which Bombardier describes as the longest in its category. The Global 8000, Bombardier’s flagship ultra-long-range jet, has a range of 8,000 nautical miles (14,816 km) and four cabin zones. Bombardier says it can fly nonstop between city pairs such as Riyadh and Los Angeles, and that its leading-edge slats allow it to land at up to 30% more airports than its closest rival.

Bombardier’s investment commitment in Saudi Arabia

As part of the partnership, Bombardier said it has committed to a long-term strategic investment that includes a local footprint in Saudi Arabia. The release does not say what form that footprint will take or when it will be in place. At the July signing, Martel said Bombardier planned local investments dedicated to supporting THC’s operations, according to PIF.

Bombardier says its customers operate a fleet of approximately 5,300 aircraft, supported by 10 service facilities across six countries. Its jets are manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico.

Atelier Aviation, LLC, a Cove Capital Investments company, said it is preparing to reassume full ownership of Fly Alliance, Inc., the Part 135 certificate holder currently operating 13 aircraft. Eight of those aircraft will stay in service and five are being offered for sale, and, following regulatory approval, the operator will change its name to Atelier.

The announcement, distributed through Business Wire on November 9, 2026, with an Orlando, Florida, dateline, places the charter operator inside a Cove Capital group that also includes the parts company Altitude Parts, the Part 135 operator Sky Travel Solutions and Atelier Maintenance. According to the release, the combined group will employ more than 100 people and generate approximately $150 million in annual revenue.

Which aircraft stay and which go

The release lists the eight aircraft that will remain in active service: one Hawker 900XP, two Cessna Citation XLS+, four Gulfstream G-IVSPs and one Gulfstream G-V. The remaining five, two Citation Excels, two Citation Latitudes and one G-IVSP, are being offered for sale.

“With this transition, more than 40 pilots, 15 technicians and 15 support professionals have joined our organization,” the release states. Going forward, it says, the group will focus on aircraft sales, aircraft management, charter operations, parts and maintenance. The release says the group will provide the financial backing to keep the fleet in top condition and emphasizes reliability and long-term partnerships.

The release does not disclose financial terms or a timeline for the regulatory approval. It lists Kevin Wargo, Chief Executive Officer, as its media contact. Atelier Aviation’s website gives an address in Kissimmee, Florida, and lists three services: aircraft management, private charter and maintenance.

How the Cove Capital group came together

Cove Capital Investments, LLC was founded in September 2025 by Kevin Wargo and Samantha Nunez, according to an Altitude Parts release dated August 26, 2026. In that announcement, Altitude Parts said it had acquired Fly Alliance’s aircraft parts inventory and warehouse operations. Operating from its Orlando, Florida, facility, the company said it then held more than $150 million in assets, including inventory from 156 disassembly aircraft and more than 42,000 individual aircraft parts.

The same release said Manny Perez had been promoted to President and Partner of Altitude Parts, leading sales, operations, warehouse and logistics teams that support more than $60 million in annual sales. Wargo, then described as co-founder of Cove Capital Investments, called the parts deal “an important step in our vision for Altitude Parts.” The November release describes Altitude Parts as “an $80 million aircraft parts company.”

Cove Capital is also selling aircraft. On October 6, 2026, Sky Travel and its parent, Cove Capital, said they planned to bring nearly 20 business aircraft to market in the fourth quarter, a plan covered in Sky Travel’s Q4 listing of business jets. The expected inventory included the Cessna Citation Excel, Hawker 400XP, Learjet 75, Gulfstream G200, Gulfstream GIV-SP, Gulfstream GV and Bombardier Global Express. The November release says Cove Capital currently has over 20 aircraft listed for sale, ranging from light jets to large-cabin, long-range business aircraft, and describes Sky Travel Solutions as a Part 135 operator with 11 Hawker 400XP aircraft.

Fly Alliance’s leadership change in July

Fly Alliance, founded in 2019 and headquartered in Providence, Rhode Island, and Orlando, Florida, describes itself as a full-service private aviation company. A Fly Alliance release from January 19, 2026, identified Wargo as its CEO. In June 2026, Fly Alliance announced the expansion of its Fly Alliance Maintenance Partners franchise, an initiative that the release said combined the aviation leadership experience of Wargo, then described as co-founder, with the franchising expertise of entrepreneur Eddie Trujillo.

On July 7, 2026, Fly Alliance announced that Christopher Tasca had become Chief Executive Officer effective July 1, 2026, and that Wargo had moved to the company’s Advisory Board. That release also reported the completion of a significant institutional investment and a strategic banking partnership. Tasca said in the release that Wargo’s “vision and leadership was instrumental in building the strong foundation Fly Alliance enjoys today.”

The July release listed Fly Alliance’s core business units as private charter, aircraft management, maintenance, aircraft sales, aircraft parts and ownership solutions. The November announcement concerns Fly Alliance, Inc., the Part 135 certificate holder, and does not address the other business units named in July.

Dassault Aviation has selected Eaton to supply the hydraulic power system and fuel system technologies for the Falcon 10X, its new ultra-long-range business jet. The agreement also covers a test rig and validation work to support Dassault’s certification with the European Union Aviation Safety Agency (EASA), on a programme whose entry into service Dassault now schedules for 2029.

Eaton, which describes itself as an intelligent power management company, announced the selection in a press release from Cleveland distributed through Business Wire in November 2026. The release says the work builds on a longstanding collaboration between the two companies and that Eaton’s flight-proven technologies and engineering expertise are expected to support the aircraft’s weight, fuel-efficiency and certification objectives ahead of entry into service.

What Eaton will supply

According to the release, Eaton’s Hydraulic Power Generation System powers critical aircraft functions, including flight controls, landing gear, braking and steering systems. Eaton says the system provides monitoring and redundancy intended to support safety and reliability objectives.

The agreement goes beyond hardware. It also includes system-level modeling, validation activities and a test rig to support Dassault’s system-level EASA certification activities. The company also said it supported ground testing associated with the Falcon 10X’s first flight.

On the fuel side, Eaton said the technologies selected for the Falcon 10X build on products already deployed across commercial and business aviation platforms, and that their established performance can help reduce development complexity, accelerate production readiness and reduce program risk. The release does not name the individual fuel system components, and it does not disclose the value or duration of the agreement.

“The Falcon 10X is setting a new benchmark in business aviation, and Eaton is proud to help make it possible.”

That statement came from Armando Tellez, President of Eaton’s Fuel and Motion Control Systems Division. Eaton said it will complete the final stages of application-specific development later in 2026, using engineering resources from across the world.

Where the Falcon 10X programme stands

Dassault unveiled the aircraft on March 10, 2026, in a new production hall at Bordeaux-Mérignac, before more than 400 clients, partners and aviation executives, an event AirPro News covered in its report on the prototype unveiling. In its rollout release, Dassault said the programme would move to flight testing, followed by an evaluation campaign to validate performance and prepare the aircraft for service.

Flight testing began with the Falcon 10X maiden flight in June. According to Dassault, test pilot Sébastien Dupont de Dinechin and copilot Fabrice Dougnac took off from runway 23 at Bordeaux-Mérignac at 11.10 a.m. on June 19, 2026, for a flight of two hours and 30 minutes. After evaluating handling qualities and systems at 15,000 feet, the crew retracted the landing gear and all movable surfaces, climbed to 40,000 feet and accelerated to Mach 0.82. Dassault said a second test aircraft was nearing completion, and that a third aircraft, being fitted with a full interior, will mainly test systems and cabin functionality and reliability.

The timeline has moved. In an October 29, 2021, article on its news site, GE said the aircraft was slated to fly in 2025; GE Aviation supplies the Falcon 10X’s primary and solid state secondary electrical power distribution and control system. In its first-half 2026 financial release, dated July 22, 2026, Dassault’s board cited the maiden flight and “the rescheduling of the program,” and the company stated that the entry into service of the Falcon 10X is scheduled for 2029. Dassault said its research and development expenses in the first half of 2026 were mainly related to the Falcon 10X.

The aircraft behind the systems

Dassault lists a range of 7,500 nautical miles at Mach 0.85 with eight passengers and four crew, and a maximum operating speed of Mach 0.925. The jet is powered by two Rolls-Royce Pearl 10X engines rated at more than 18,000 lb of thrust each at sea level. Its maximum takeoff weight is 115,000 lb, and its maximum fuel weight is 51,700 lb (23,451 kg).

The cabin is 9 ft 1 in (2.77 m) wide and 6 ft 8 in (2.03 m) high. Dassault says the Falcon 10X is the first business jet with a fully composite wing, and that the aircraft carries the third generation of its digital fly-by-wire flight control system, paired with a Smart Throttle that manages both engines through a single lever. Dassault has used fly-by-wire in business aviation since the Falcon 7X in 2007.

The Falcon market and what comes next

Dassault presents the Falcon 10X as the new top of its Falcon range. The company recorded 23 Falcon orders in the first half of 2026, compared with eight in the first half of 2025, and delivered 13 Falcon jets in the period. Its backlog included 83 Falcon aircraft as of June 30, 2026, and its unchanged 2026 guidance includes the delivery of 40 Falcon jets. Dassault says it has delivered more than 10,000 military and civil aircraft, including 2,800 Falcon jets, to more than 90 countries.

Eaton, founded in 1911, reported revenues of $27.4 billion in 2025 and serves customers in 180 countries, according to its release. The next milestones to watch are Eaton’s completion of application-specific development later in 2026, the entry of the second and third Falcon 10X test aircraft into the flight test campaign, and Dassault’s EASA certification work ahead of the scheduled 2029 entry into service.