Chc Sold!!!
CHC Helicopter sold for $3.7-billion
TAVIA GRANT
Globe and Mail Update
February 22, 2008 at 10:25 AM EST
CHC Helicopter Corp. was sold Friday to Greenwich, Connecticut-based First Reserve Corp. for $3.7-billion in what the companies said is the largest ever buyout in the oil-field services industry.
Vancouver-based CHC is the world's largest provider of rescue helicopters, along with services to the global offshore oil and gas industry, while First Reserve is a private-equity firm.
The all-cash sale “builds upon CHC's position as a world-class helicopter company,” said CHC chairman Mark Dobbin in a release.
An affiliate of one of First Reserve's funds will pay $32.68 a share, a 49-per-cent premium over Thursday's closing share price. CHC's headquarters will stay in Vancouver, and the shares will be de-listed from the Toronto Stock Exchange.
CHC's unanimously approved the deal and recommends shareholders vote in favour of the transaction.
Merrill Lynch Canada and Scotia Capital advised CHC.