Thursday, July 18, 2013
Cobham Acquires Full Ownership of Bristow Joint Venture
British defense and aerospace company Cobham has acquired full ownership of FBH, its joint venture aviation services business with Texas-based Bristow Helicopters.
Cobham paid approximately $112 million for the acquisition, which includes FB Heliservices Ltd., FB Leasing Ltd. and FBS Ltd. With the acquisition, Bristow hands over its 50 percent ownership for the shares of FBH, and Cobham will also assume Bristow's share of FBH's debt.
Bob Murphy, chief executive officer of Cobham, said the acquisition is "highly complimentary" to the company's existing aviation services business. The acquisition also strengthens Cobham's position in the helicopter services market, following a recent trend toward increased outsourcing of helicopter operations and associated support services. It will also increase Cobham's presence in the non-defense markets in the United States.
Related: Operator News