The company is seeking to exit the commercial plane market and focus on business jets and its large rail segment.
Bombardier chief executive Alain Bellemare said Tuesday the sale signifies the completion of the transformation of its aerospace business.
Mitsubishi will assume liabilities of about $200 million and acquire the maintenance and sales activities of the jet program, or CRJ Series aircraft.
Mitsubishi chief executive Seiji Izumisawa said the deal is an important step toward building strong global aviation capabilities.
Bombardier previously sold its C Series program to Airbus after it was driven to the brink of bankruptcy.
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