CHC sells minority interest in Spanish helicopter company

CHC Helicopter Corporation announced today the completion of the sale of its minority interest in Inversiones Aereas S.L. ("Inaer") to Helicapital Inversiones Aéreas, S.L., a company controlled by the leading Southern European industrial investment group Investindustrial. Inaer operates light and medium aircraft primarily in the Spanish onshore helicopter market.

Gross proceeds are estimated at $39.5 million, all figures in Canadian dollars, which will consist of $37.0 million in cash and a deferred payment of approximately $2.5 million. The transaction is subject to post-closing price adjustment mechanisms customary in this kind of sale and purchase agreements which, under exceptional circumstances, may lead to the termination of the sale. Professional fees, other direct transaction costs and said potential post-closing adjustments, which are not yet determinable, may reduce the potential gain on sale arising from this transaction.

CHC Helicopter Corporation is the world’s largest provider of helicopter services to the global offshore oil and gas industry, with aircraft operating in more than 30 countries around the world.

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