Canada regional airline set to be acquired
A regional Canada airline is being sold.
Canadian North, which serves remote communities in the Arctic region, is being acquired by Winnipeg-based Exchange Income Corporation, which owns several regional aviation brands.
These include Calm Air, Perimeter Aviation and Keewatin Air.
The acquisition is worth about $205 million.
“Canadian North will be a natural fit with our other northern air operators. Combining our aviation resources and assets with Canadian North will lead to increased efficiency and enhanced service,” said Mike Pyle, CEO of EIC.
Canadian North flies to remote communities in the NWT and Nunavut.
It is currently owned by the Makivvik Corporation and the Inuvialuit Development Corporation.
EIC is ‘committed to investing in Canadian North to further grow the business,’ said Shelly De Caria, Canadian North’s president and CEO.
“This acquisition will allow us to enhance our commitment to the communities we serve and to expand our services to meet the evolving needs of the North.”
The sale is still pending regulatory approval.
It is expected to be finalized later this year.
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