Chorus Aviation sells regional aircraft leasing segment in $1.9 billion deal
By The Canadian Press on July 30, 2024.
HALIFAX – Chorus Aviation Inc. says it will sell its regional aircraft leasing segment in a deal valued at $1.9 billion. Halifax-based Chorus says the buyers are the affiliates of investment funds managed by HPS Investment Partners, a New York firm. The $1.9 billion offer from the affiliates is made up of $814 million in cash and $1.1 billion in aircraft debt to be assumed or prepaid by the buyers at closing. Chorus says its largest shareholders, Brookfield Asset Management Ltd. and Air Canada, have both signed agreements in favour of the transaction. The deal, however, still needs to nab at least two thirds of votes cast by Chorus’ common shareholders to be approved. If it lands the approval, Chorus expects the transaction to close by the end of the year. This report by The Canadian Press was first published July 30, 2024. Companies in this story: (TSX:CHR, TSX: AC, TSX:BAM) 9-8
