Discovery Air Inc. (TSX:DA.A) has completed its previously announced transaction (the DAFS Disposition) to sell the fire services business operated by its wholly-owned subsidiary, Discovery Air Fire Services Inc. (DAFS), to affiliates of Clairvest Group Inc., the company said.
Due to a delay in obtaining certain regulatory approvals, MAG DS Corp., part of the original buyer group intending to purchase the DAFS business, assigned its interest in the DAFS Disposition to certain affiliates of Clairvest, the other member of the original buyer group, in order to ensure a timely completion of the DAFS Disposition. The assignment agreement did not alter any of the material terms of the transaction.
Discovery Air is in specialty aviation services, delivering air combat training, medevac equipped aircraft services, airborne fire services, air charter services, helicopter operations, and transport and logistics support.
DAFS provides aerial fire surveillance, airspace and aircraft management, and air transport services in support of the Ontario government´s forest fire management program. The company´s charter division, Walsten Air, provides court-related air transport services to a variety of northwestern Ontario provincial government agencies.