CHC and First Reserve noted that the all-cash transaction, which values the company at an adjusted enterprise value of C$3.7 billion, is the largest-ever buyout in the oilfield services industry.
Under the terms of the transaction, an affiliate of the First Reserve fund will acquire all outstanding class-A subordinate voting shares and all of the outstanding class-B multiple voting shares of CHC for C$32.68 per class-A share and class-B share for an aggregate consideration of approximately C$1.5 billion.
Following completion of the transaction, CHC’s class-A and class-B shares will be de-listed and no longer traded publicly. CHC’s headquarters will remain in Vancouver, Canada.
Mark Dobbin, CHC’s chairman, said: I’m glad to see that First Reserve recognized the value that was created in CHC over the years, and was able to translate that value into a fair offer for all shareholders. I’m also very pleased to see that First Reserve will carry on CHC’s legacy of entrepreneurship, as it builds upon CHC’s position as a world-class helicopter company.
