Chc Sold!

[grover]

Breaking News from The Globe and Mail

CHC Helicopter sold for $3.7-billion

TAVIA GRANT

Friday, February 22, 2008

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.

© The Globe and Mail

[Skidz]

Hmmmm.

 

Could the GHPA "situation" have something to do with this ?

[Cambox]

Well, regardless of what our opinions of CHC are/were, the fact remains, that after the sale, it is no longer CANADIAN Helicopters is it? End of a dynasty..........

 

R...

 

 

Breaking News from The Globe and Mail

CHC Helicopter sold for $3.7-billion

TAVIA GRANT

Friday, February 22, 2008

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.

© The Globe and Mail

[212wrench]

Not to mention it is now owned exclusively by folks who only deal in money.

[Outwest]

According to a post on another forum, this may mean the end of the OETC tax break........if that is the case they will need to water cool the exit door hinges in YVR

[Freefall]

What a shame

[Cosmo]

First Reserve Corp To Acquire CHC Helicopter (FLY.A) For $3.7B in Largest-Ever Oilfield Services Buyout

CHC Helicopter announced this morning that it is being bought out by private equity fund First Reserve for $32.68 per share in an all-cash deal. The price represents an approximate 50% premium to the closing price yesterday. Based on RBC CM's EBITDAR projection for 2009, the implied purchase price is 9.6x EV/EBITDAR. The transaction requires approval from two-thirds of the shareholders of Class A, B and ordinary shares, The estate of Craig Dobbin, which holds 14%, 95% and 100% of the Class A, B and ordinary shares respectively, has agreed to vote in favour of the transaction. The deal will be financed through a combination of equity from First Reserve Fund and debt financing from Morgan Stanley. The deal has a break fee of $61.4 million, and is expected to close in Q2.

[transquebecniece]

From News/Press Releases section of the Forums:

 

http://www.verticalmag.com/control/news/te...?a=6827&z=6

[Inuk]

Thats too bad, Money makes the world go round...I guess

[windy miller]

If the GHPA think they forced a 3.7 BILLION dollar take over they are delusional