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It’s the end of the line for Bombardier Inc.’s five-decade run as a trainmaker.

Bombardier on Monday agreed to sell its majority stake in its train unit to France’s Alstom SA in a proposed transaction that values the business at about US$8.2 billion. Proceeds will go toward paying down the Montreal-based company’s $9.3 billion of long-term debt, Bombardier said. Closing is expected to take place in the first half of 2021, the companies said.

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The deal will see the Caisse de dépôt et placement du Québec become Alstom’s biggest shareholder by converting its minority Bombardier Transportation holding into shares of the acquirer and making an additional investment of 700 million euros ($1 billion). As a result, the Caisse will own about 18 per cent of Alstom and control two board seats.

“It is a transformational deal for Bombardier,” chief executive officer Alain Bellemare said Monday on a conference call with financial analysts. “It marks the end of our turnaround, and the beginning of a new and bright chapter for the company. It really changes the game for us. It positions Bombardier to accelerate our deleveraging.”