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Airbus Group SE won a $2.4 billion contract with the Canadian government to replace its search-and-rescue planes, beating out Leonardo-Finmeccanica SpA and Embraer SA for the deal.

Canada awarded Airbus an 11-year contract, with a possible 15-year extension of the deal that could push its total value to $4.7 billion, Public Services and Procurement Minister Judy Foote said Thursday. The previous government had estimated a cost of C$3.4 billion for the program.

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The government is buying 16 Airbus C295W planes and will phase out its existing fleet, acquired as early as 1960. The planes are scheduled to be delivered between 2019 and 2022.

“This aircraft is a game-changer for search and rescue in Canada,” Defence Minister Harjit Sajjan said at a news conference held at a military base in Trenton, Ontario.