Fractional ownership aircraft provider NetJets inked a deal today with a potential value of up to $6.7 billion to purchase up to 120 Bombardier Global jets. Including options, the order is one of the largest, if not the largest, that Bombardier has ever received for its Global family and sets the template for the future NetJets’ large cabin fleet.

NetJets in October jointly announced the order of up to 125 Embraer Phenom 300 “Platinum Edition” aircraft, saying the aircraft will become the base for the company’s light jet fleet in the future.

The agreement announced yesterday includes firm orders for 50 Global jets and options for up to 70 more. The order covers the entire Global family, including the Global 5000, Global Express XRS and Bombardier’s newly announced Global 7000 and 8000 jets. Bombardier valued the firm order at $2.8 billion, based on list price.

NetJets will take delivery of 30 Global 5000 “Vision” and Global Express XRS “Vision” aircraft beginning in the fourth quarter of 2012. The 7000/8000 jets, which were unveiled during the National Business Aviation Association Annual Meeting and Convention last October in Atlanta, will make up the remaining 20 firm orders. Delivery of those will begin in 2017.

The move marks a departure from NetJets traditional fleet, which has centered on a range of other large aircraft, including Falcons and Gulfstreams. Bombardier’s aircraft have made up the fleet of the company’s own fractional program and NetJets competitor, FlexJet. NetJets, however, has indicated plans to narrow its fleet to primarily a few types that involve newer technology. The fractional ownership provider has been retiring a number of its models as it pares down its fleet.

“We are very impressed with Bombardier’s product strategy and vision for the future,” says NetJets President Jordan Hansell. “The Global aircraft family is ideally suited to our owners’ needs. These aircraft will be an excellent complement to our existing large cabin capabilities.”

Analyst JPMorgan calls the order a “vote of confidence” from NetJets. “There is little doubt that this boosts the positioning of the new Global models,” the analyst says. While acknowledging that NetJets now has a history of major cancellations during cyclical downturns, JPMorgan adds the NetJets deal indicates “that the tide is starting to turn in what is a deeply cyclical business.”