Brazil's Embraer announced Tuesday that it will sell 50 Phenom 100 executive jets to U.S.-based Magnum Jet for about $138 million.
The Phenom is Embraer's first very light jet, seating four to six passengers. Houston-based Magnum Jet plans to use it for "taxi-style" service, starting in Texas and the Southwest.
Magnum Jet has an option to buy 50 more jets that could raise the value of the deal to $275 million, Embraer said in a statement.
The Phenom 100 is scheduled to enter into service in mid-2008. Magnum Jet will start taking delivery of the jets in early 2009, Embraer said.
The announcement came a week after Embraer reached a deal to sell 100 much larger regional jets to China's Hainan Airlines Co. for $2.7 billion.
The contract with Magnum Jet allows the company to change its order for Embraer's larger and more powerful Phenom 300 executive jets. That jet is expected to enter into service in mid-2009.
Embraer is the world's fourth-largest aircraft manufacturer.
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