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Thursday, April 14, 2011

Canadian Helicopters Acquires HNZ

By Andrew Parker, Senior Editor

Montreal-based Canadian Helicopters Ltd. (CHL) has agreed to purchase Helicopters New Zealand (HNZ), which includes Helicopters Australia, other subsidiaries and Helicopter Nominees Ltd. The deal is valued at NZ$160 million, or around C$120 million (approximately US$126 million). During a conference call on Wednesday, CHL President & CEO Don Wall told reporters that the company was interested in Helicopters NZ for a long time, but “they weren’t available. That situation changed late last year.” CHL began pursuing Helicopters NZ in fourth quarter 2010, with the final arrangement complete “a few days ago,” according to Wall. He noted that CHL is “buying the company for its longer term potential,” adding that, “it really does increase our global footprint.”
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