International private equity firm First Reserve Corp. is acquiring CHC Helicopter Corp., the world's largest supplier of helicopter services to the offshore oil and gas industry, through a fund.
The all-cash transaction values CHC Helicopter at C$3.7 billion (US$3.65 billion), the largest-ever oilfield services buyout. Under the agreement, an affiliate of the First Reserve fund will acquire all of the outstanding Class A Subordinate Voting Shares and all of the outstanding Class B Multiple Voting Shares for C$32.6 (US$32.1) per Class A and Class B share. All together, the deal will total C$1.5 billion (US$1.48 billion). Following the transaction, the shares will be de-listed and no longer traded publicly. CHC's headquarters will remain in Vancouver, Canada. CHC operates aircraft in over 30 countries with regional headquarters in Aberdeen, Scotland; Stavanger, Norway; and Vancouver, Canada.
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