PHI Officially Acquires HNZ Offshore Business

By S.L. Fuller | January 2, 2018
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PHI Inc. has completed its acquisition of HNZ Group. The move, announced in October, includes HNZ's offshore business conducted in New Zealand, Australia, the Philippines and Papua New Guinea, according to PHI.

Each former holder of HNZ Shares (excluding HNZ’s CEO, Don Wall) will receive almost $15 in cash per share. PHI said the total consideration to be paid is some $185.9 million.


In this acquisition, Wall acquired all the issued and outstanding shares of HNZ and retains Canadian Helicopters Ltd. Crown Capital Partners Inc. said it has closing an $8 million term loan with Canadian Helicopters. According to Crown Capital Partners, Canadian Helicopters’ total onshore revenues for the three- and nine-month periods, which ended Sept. 30, 2017, were $29.2 million and $57.4 million, respectively.

According to Crown Capital Partners, Canadian Helicopters is the largest helicopter transportation services company in Canada, operating from a network of 11 fixed bases. Its fleet consists of 91 light, medium and heavy helicopters. In addition to commercial services, Canadian Helicopters offers flight training and maintenance, repair and overhaul services.

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