If the deal is approved, Exchange Income Corp. will gain routes and aircraft to complement its aviation businesses in the North
The $205-million deal between Exchange Income Corp. and Canadian North airlines is subject to approvals by the Competition Bureau and Transport Canada .Exchange Income Corp.’s $205-million takeover of Canadian North airline offers a lifeline to a struggling carrier while bolstering the Winnipeg-based purchaser’s stable of regional airlines.
The deal, announced Monday, is subject to approvals by the Competition Bureau and Transport Canada. The companies said they expect approvals to be granted this year. He said EIC is an experienced aviation company with several airlines that fly in remote parts of the country. The company is known as a good operator with smart managers who should be able to revive Canadian North, he added.EIC employs more than 8,000 people at 19 subsidiaries. Its main business, aviation, includes Pal Airlines, Calm Air, Custom Helicopters and Perimeter Aviation, as well as medevac flights and pilot training. Its manufacturing segment includes metal fabrication and windows.
“We’re taking a business that flies beside ours, but services the same kind of customers, brings the same freight in, deals with the same people. This is not new. And so we’ll follow where Canadian North is and then bring EIC’s inherent advantages of size to the table, and that will enable us to get to the returns we expect,” Mr. Pyle said.
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