PHI buys offshore business of HNZ

LAFAYETTE- BASED helicopter service company PHI Inc. is acquiring the offshore helicopter operations of Canada-based HNZ Group in the Philippines, New Zealand, and Papua New Guinea by January 2018.

Under the deal, HNZ Group Inc Don Wall will acquire all of HNZ’s outstanding common and variable voting shares, after which PHI will acquire HNZ’s offshore operations.

“This transaction provides sig shareholders, as well as continuity and opportunity for our employees,” Wall said in a statement.

“I look forward to continuing the operations of the Corporation in Canada, US, and Antartica where we will continue our brand as a well- known and respected industry participant, with an excellent safety record and reputation for providing performance excellence, innovative thinking and efficient customer service,” Wall added.

According to a joint statement of the companies, the Board of Directors of HNZ Group, excluding Wall, unanimously approved the agreement and unanimously recommends the holders of the corporation’s common and variable voting shares vote in favor of the arrangement. The arrangement has also been approved by PHI’s Board of Directors.

The deal is valued at approximately CAD 242.4 million ($188.27 million) based on the number of outstanding shares as of October 30, 2017.

HNZ Group is an international provider of helicopter transportation and related support services with operations in Canada, Australia, New Zealand, Antarctica, the US, and Southeast Asia, and operates over 115 helicopters to support offshore and onshore charter activities under different brands.

PHI operates 230 aircraft in over 85 locations around the world.