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Bristow to Merge with Helicopter Operator Era to Broaden Aviation Services to Oil/Gas Companies
Thursday 30 January 2020

30 January 2020 - Texas, US-based oil and gas transportation company Bristow Group Inc. has entered into an agreement to combine with helicopter operator Era Group Inc. (NYSE: ERA) in an all-stock transaction to create offer a broader range of aviation solutions through enhanced fleet size and diversity, the company said.
Under the terms of the agreement, Bristow shareholders would own 77% of the equity of the new company and Era shareholders would own 23%. Additional terms were not disclosed.
The transaction will be structured as a reverse triangular merger whereby Era will issue shares to Bristow stockholders. Era (NYSE: ERA) shares will continue to trade on the NYSE.
The transaction is expected to close in the second half of 2020.
The combined company, which will be named Bristow, will strengthen its leadership position with operations throughout the Americas, Nigeria, Norway, the United Kingdom and Australia for offshore aviation transportation and search and rescue solutions.
The new organisation will offer a broader range of world-class, efficient solutions through enhanced fleet sise and diversity, continuing to invest in new technology and safety features to meet the evolving needs of new and existing oil and gas customers and governmental agencies.
The transaction will be structured as a reverse triangular merger whereby Era will issue shares to Bristow stockholders. Era (NYSE: ERA) shares will continue to trade on the NYSE.
Under the terms of the agreement, Bristow shareholders would own 77% of the equity of the new company and Era shareholders would own 23%.
The transaction is expected to close in the second half of 2020.
Bristow is the world's provider of offshore oil and gas transportation, search and rescue and aircraft support services to government and civil organisations worldwide. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the United Kingdom on behalf of the Maritime and Coastguard Agency.
Era is a helicopter transport operator that provides helicopters and related services to customers and third-party helicopter operators in other countries, including Brasil, Colombia, India, Mexico, Spain, and Suriname.
Era's helicopters are primarily used to transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. In addition, Era's helicopters are used to perform emergency response services, firefighting, utility, VIP transport and other services.
Ducera Partners and Houlihan Lokey are serving as financial advisors to Bristow, and Kirkland and Ellis LLP, Baker Botts LLP and Bracewell LLP are serving as Bristow's legal counsel. Centerview Partners LLC is serving as exclusive financial advisor to Era, and Milbank LLP is serving as Era's legal counsel.
Details
Date Published: 30/01/2020
Target: Era Group Inc
Country: USA
Deal Size: 218m (USD)
Sector: Air Transport
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor:
Buyer: Bristow Group Inc
Buyer Advisor: Ducera Partners , Houlihan Lokey , Kirkland and Ellis , Baker Botts LLP , Bracewell LLP
Comment:
Terms of the deal were not disclosed

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