just looking Posted January 30, 2007 Report Share Posted January 30, 2007 Discovery Air Inc. announces interim agreement to purchase VIH Aviation Group Ltd. LONDON, ON, Jan. 30 /CNW/ - David Taylor, President & C.E.O. of Discovery Air Inc. (TSX: DA.A) is pleased to announce that Discovery Air has entered into an Interim Agreement to purchase all of the issued and outstanding shares of VIH Aviation Group Ltd. and its affiliate, YYJ FBO Services Ltd. ("VIH"). VIH operates a fleet of over 60 helicopters with a head office in Victoria, British Columbia. Mr. Taylor stated, "I am very pleased that Discovery Air was able to bring VIH and Great Slave Helicopters together. These two titans of the Canadian helicopter industry represent a powerful new force in the industry." Great Slave Helicopters Ltd. ("GSHL"), a subsidiary of Discovery Air, operates a fleet of 70 light and medium VFR helicopters and dominates the northern and central Canadian markets. VIH primarily operates a fleet of heavy and IMC capable helicopters in the coastal regions of Canada. Ken Norie, VIH's owner and President, said "I have known Adam Bembridge, GSHL's President, for over 20 years and am looking forward to working with him to capitalize on the many synergies between our two companies." When asked about the size of the VIH acquisition, Mr. Taylor said "VIH effectively doubles the size of Discovery Air's annual revenues and earnings. VIH has an excellent reputation in the helicopter industry which is in large part due to its dedicated long-standing employees who will continue to be a valuable asset to VIH and the Discovery Air team going forward." The completion of the acquisition of VIH is subject to a number of conditions, including receipt of all necessary regulatory and other approvals. The Interim Agreement sets out a purchase price of $50 million cash, 65 million Class A common shares of Discovery Air and an option to purchase 2 million Class A common shares of Discovery Air for $2.00 over 10 years. The purchase price is subject to adjustment based on VIH's adjusted consolidated EBITDA as at December 31, 2006. Based on unaudited figures at the year ending December 31, 2006, VIH had revenues of over $125 million with approximately $10 million net income and EBITDA of approximately $26 million. VIH's total assets at the end of 2006 were in excess of $145 million. Discovery Air's goal is to consolidate the fragmented Canadian niche aviation industry to realize synergies and economies of scale, thereby creating a profitable and diversified company able to deliver safe, professional air service to clients in selected niche markets. Discovery Air's Class A common shares trade on the Toronto Stock Exchange under the symbol DA.A. On behalf of the Board of Directors: David R. Taylor, President & C.E.O. Quote Link to comment Share on other sites More sharing options...
tweaker Posted January 30, 2007 Report Share Posted January 30, 2007 My Jaw DROPPED! Quote Link to comment Share on other sites More sharing options...
MINI Posted January 30, 2007 Report Share Posted January 30, 2007 :shock: :shock: I just shat myself!!!!!!!!!!!!!!!!!!!!!! :shock: :shock: :shock: Quote Link to comment Share on other sites More sharing options...
snark Posted January 31, 2007 Report Share Posted January 31, 2007 Huh, well I'll be Quote Link to comment Share on other sites More sharing options...
southoftheborder Posted January 31, 2007 Report Share Posted January 31, 2007 Are we talking all of VIH's holdings IE Cougar, Western Helicopters (down in the GOM) Aero Space, etc? Man and then there was one. Be interesting, CHC vs Discovery, Headlines at 6:00 Cheers SOB Hey Maggy and T-rex stay safe Quote Link to comment Share on other sites More sharing options...
treetopflyer Posted January 31, 2007 Report Share Posted January 31, 2007 This is huge news! That lil nothing company called Discovery Air has just built an empire. Great Slave Helicopters Ltd Superior Helicopters Canada In Hudson Bay Helicopters Ltd. Denendeh Helicopters Ltd. VIH Helicopters Ltd Cougar Helicopters Inc. 129 Aircraft Aerospatiale AS 332L x2 Aerospatiale AS 350 B1 x2 Aerospatiale AS 350 B2 x21 Aerospatiale AS 350 B3 x3 Aerospatiale AS 350 BA x8 Bell 204B x2 Bell 205A-1 x6 Bell 205B x1 Bell 206B x27 Bell 206L x8 Bell 206L-1 x6 Bell 206L-3 x2 Bell 206L-4 x1 Bell 212 x9 Bell 222U x1 Bell 47 G-2 x1 British Aerospace BAE 125 Series 800A x1 Cessna 182Q x1 Eurocopter EC120B x2 Eurocopter EC-130 B4 x1 Hughes 369D x13 Hughes 369E x1 Kamov KA-32A11BC x2 Schweizer 269C x1 Sikorsky S-61L x1 Sikorsky S-61N x5 Sikorsky S-92A x2 Quote Link to comment Share on other sites More sharing options...
matt_as350 Posted January 31, 2007 Report Share Posted January 31, 2007 Any Idea what effect or changes it will have on VIH Operations? Quote Link to comment Share on other sites More sharing options...
borntofly Posted January 31, 2007 Report Share Posted January 31, 2007 :shock: Quote Link to comment Share on other sites More sharing options...
pc12dude Posted January 31, 2007 Report Share Posted January 31, 2007 Some more http://www.newswire.ca/en/search/index.cgi...e=&EndDate= Quote Link to comment Share on other sites More sharing options...
InspectorGadget Posted January 31, 2007 Report Share Posted January 31, 2007 Its going to be a battle of the titans now Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.