Discovery Air to Buy Great Slave Helicopters

London, Ontario-based Discovery Air will purchase Great Slave Helicopters Ltd., one of Canada's largest commercial helicopter operators. The purchase is being funded through a sale of shares to raise $25 million, of which $20 million will be for the acquisition and the remaining $5 million to be used as working capital. Great Slave is based in Yellowknife, Northern Territories and operates over 70 helicopters serving the oil and gas exploration, diamond mining, forestry, firefighting and construction industries. Its fleet consists of Bell 204s, 205s and 212s, MD500s, Eurocopter AS350s, EC120Bs and EC130B4s. Completion of the sale of shares to allow Discovery Air to acquire Great Slave Helicopters is expected by June 19. More