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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has completed the acquisition of North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
The acquisition was first announced March 12.
Chorus said the purchase price, on a cash-free/debt-free basis, represents a total enterprise value of approximately $80 million and is subject to certain post-closing working capital adjustments. “Utilizing cash on hand, Chorus paid $47 million and issued $8 million in Chorus Class B Voting Shares to Max Shapiro, sole owner of Voyageur,” it said. “Approximately $25 million in deferred cash payments will be paid in separate installments over the next 36 month period. The $80 million purchase price is supported by the appraised value of Voyageur’s owned aircraft, real estate and working capital,” according to a company statement.
“The $80 million purchase price represented an attractive multiple of approximately 4.7 times 2014’s adjusted EBITDA1, and is immediately accretive to Chorus’ consolidated earnings and free cash flow1.”
Voyageur, a Transport Canada approved air operator, is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Voyageur was founded in 1968.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has completed the acquisition of North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
The acquisition was first announced March 12.
Chorus said the purchase price, on a cash-free/debt-free basis, represents a total enterprise value of approximately $80 million and is subject to certain post-closing working capital adjustments. “Utilizing cash on hand, Chorus paid $47 million and issued $8 million in Chorus Class B Voting Shares to Max Shapiro, sole owner of Voyageur,” it said. “Approximately $25 million in deferred cash payments will be paid in separate installments over the next 36 month period. The $80 million purchase price is supported by the appraised value of Voyageur’s owned aircraft, real estate and working capital,” according to a company statement.
“The $80 million purchase price represented an attractive multiple of approximately 4.7 times 2014’s adjusted EBITDA1, and is immediately accretive to Chorus’ consolidated earnings and free cash flow1.”
Voyageur, a Transport Canada approved air operator, is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Voyageur was founded in 1968.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChorus Aviation, the Halifax-based parent company of Canadian regional airline Jazz Aviation, has completed the acquisition of North Bay, Ontario-based Voyageur Airways for C$80 million ($63 million).
The acquisition was first announced March 12.
Chorus said the purchase price, on a cash-free/debt-free basis, represents a total enterprise value of approximately $80 million and is subject to certain post-closing working capital adjustments. “Utilizing cash on hand, Chorus paid $47 million and issued $8 million in Chorus Class B Voting Shares to Max Shapiro, sole owner of Voyageur,” it said. “Approximately $25 million in deferred cash payments will be paid in separate installments over the next 36 month period. The $80 million purchase price is supported by the appraised value of Voyageur’s owned aircraft, real estate and working capital,” according to a company statement.
“The $80 million purchase price represented an attractive multiple of approximately 4.7 times 2014’s adjusted EBITDA1, and is immediately accretive to Chorus’ consolidated earnings and free cash flow1.”
Voyageur, a Transport Canada approved air operator, is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. Voyageur was founded in 1968.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.