Exchange Industrial Income Fund acquires Calm Air for $59 million
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Hey there, time traveller!
This article was published 10/03/2009 (6289 days ago), so information in it may no longer be current.
Northern Manitoba’s largest regional airline, Calm Air International Ltd. has been acquired by Winnipeg-based Exchange Industrial Income Fund for $59 million.
Exchange Industrial also owns Perimeter Aviation and Keewatin Air Ltd. With the Calm Air purchase Exchange Industrial will become one of the five or six largest aviation companies in the country.
Calm Air senior management have signed long-term employment contracts and all of Calm Air’s 450 employees will be retained.
Exchange Industrial plans to raise about $25 million in a syndicated equity and debt offering to help pay for the acquisition.
Calm Air has been operating in northern Canada for about 45 years. It was owned by the Morberg family.
Exchange Industrial’s units were down eight cents to $8.90 in very thin trading this morning.