09:50 AM EST, 01/07/2025 (MT Newswires) -- Mesa Air Group ( MESA ) said in a regulatory filing Tuesday its Mesa Airlines unit will sell 18 Embraer ( ERJ ) Model ERJ 175 aircraft to United Airlines (UAL) under a purchase agreement signed on Dec. 31 for gross proceeds of approximately $229.1 million.

The company closed the sale of eight aircraft on Dec. 31, while the sale of the remaining 10 aircraft is expected to be completed around Jan. 31, Mesa ( MESA ) said in an 8K filing with the US Securities and Exchange Commission.

Mesa Air ( MESA ) said it intends to use $142.4 million from the gross proceeds to pay off associated debt.

Mesa Airlines also signed an airframe sale deal with a third-party on Dec. 24 to sell 15 used CRJ-900 airframes for gross proceeds of about $19 million which will be used to pay off a loan with the US Treasury.

Shares of Mesa Air ( MESA ) rose 5.6% in recent Tuesday trading, while United Airlines and Embraer ( ERJ ) shares were up 1% and 2.3%, respectively.

Price: 1.33, Change: +0.07, Percent Change: +5.56