Mesa Air Group, the parent company of go! airlines, said it has finalized the sale of its spare parts inventory to Fokker Services Inc.

Under the agreement, Fokker Services will pay Mesa $3 million in cash for the spare parts and will manage and repair the inventory for Mesa's fleet of 16 DHC8-200 aircraft at a flat hourly rate based on fleet flight hours, according to a news release from Phoenix-based Mesa.

In addition, Mesa will receive approximately $1.6 million in the form of deferred monthly fee payments under the component maintenance agreement.

Fokker Services is part of the Stork Aerospace group and is a leading Aerospace services provider.