Bristow Group Inc. (NYSE: BRS), a global industrial aviation services provider, has announced it has signed a definitive agreement to combine with Columbia Helicopters, Inc. for USD 560 million, the company said.
Columbia will be designated as an unrestricted subsidiary under the Columbia name and air operating certificate (AOC).
Bristow expects the complementary transaction to strengthen the company´s operational and consolidated financial profile by delivering adjusted EBITDA and cash flow accretion; reducing consolidated net leverage; diversifying the combined company´s fleet and customer base; expanding its addressable market, especially in the US government sector; and producing significant incremental revenue opportunities.
The transaction will create a global diversified industrial aviation solutions company focused on safe aviation.
Jefferies LLC is serving as exclusive financial advisor to Bristow. Wachtell, Lipton, Rosen & Katz and King & Spalding are serving as legal counsel to Bristow, and Baker Botts is serving as financing counsel to Bristow. Greenhill & Co., LLC is serving as exclusive financial advisor to Columbia. Tonkon Torp LLP is providing legal counsel to Columbia. Jefferies Finance LLC is providing committed debt financing and Jefferies LLC served as sole placement agent arranging the committed convertible financing.
Bristow Group Inc. offers helicopter transportation, search and rescue (SAR) and aircraft support services, including maintenance, to government and civil organizations worldwide.
Columbia Helicopters, Inc. is the global leader in heavy-lift helicopter operations and trusted expert in maintenance, repair and overhaul services. The company owns, operates and maintains a fleet of Columbia Model 107-II Vertol, Columbia Model 234 Chinook, and Columbia Model CH-47D Chinook helicopters.