Provincial Airlines (PB, St. John's) parent, Provincial Aerospace Ltd. (PAL), has finalized a CAD246million (USD217.19million) take-over deal with Canada's Exchange Income Corporation (EIC), first announced in November 2014.
According to a filing, the EIC paid a total purchase price of approximately CAD246 million of which 5% was paid through the issuance of 523,188 common EIC shares. The balance, or CAD234 million, was financed through the Corporation’s unutilized credit facility.
EIC is a diversified acquisition-oriented company whose interests focus on three sectors in particular: aviation services and equipment, metal manufacturing, and infrastructure services.
PAL is a diversified Canadian-based aerospace and aviation company among whose subsidiaries is Provincial Airlines, an independent Airline that operates a fleet of five Dash 8-100s, three Dash 8-300s, and two Saab 340Bs, on scheduled, charter and cargo services in Newfoundland, Labrador, Quebec, New Brunswick and Nova Scotia.
Canada's EIC finalizes acquisition of Provincial Aerospace
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PAL is a diversified Canadian-based aerospace and aviation company among whose subsidiaries is Provincial Airlines, an independent Airline that ...
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