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    CHHCF   US12550E4052

CHC GROUP LLC

(CHHCF)
Delayed OTC Markets  -  09:44:17 2022-11-07 am EST
0.001500 USD   -85.00%
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CHC LLC : Helicopter agrees sale of Offshore Helicopter Services UK Jan 17, 2023

01/17/2023 | 10:40am EST

IRVING, TX, January 17, 2023 - CHC Helicopter Group (CHC), the global helicopter company specialising in transportation and search and rescue operations, in addition to maintenance and overhaul services, announced the agreed sale of Offshore Helicopter Services UK (OHS UK) to Ultimate Aviation Group, a South African headquartered international aviation business.

OHS UK was acquired by CHC from FTSE 250 company Babcock International Group plc in 2021, along with Babcock's offshore oil and gas operations in Denmark and Australia. Following a Phase 2 investigation by the UK's Competition and Markets Authority (CMA), the CMA determined in August 2022 that CHC would be required to divest OHS UK, and an auction process was undertaken for this purpose. A sale and purchase agreement was signed on 30 December 2022 under which CHC agreed to sell OHS UK to Ultimate Aviation Group.

The transaction remains subject to customary closing conditions, including the final approval of the sale by the CMA, and is expected to complete in the first calendar quarter of 2023.

David Balevic, CHC President and Chief Executive Officer, said: "While we remain disappointed with the CMA's decision and believe it was based on several fundamental misconceptions, we are glad to be close to completing this process through the sale of OHS UK to Ultimate Aviation. CHC's talented team will continue to deliver outstanding levels of service and safety, quality and innovation, through our existing UK business."

Ends 

Media contacts

For media enquiries, please contact: 

Fraser Schurer-Lewis 

Williams Nicolson 

Fraser.schurer-lewis@williamsnicolson.com 

+44 (0)7961 027 281 

NOTES TO EDITORS

About CHC

CHC Helicopter is a leader in the provision of helicopter support to the offshore energy market, search & rescue and government departments, as well as organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One division.   

For more than 75 years, CHC Helicopter has provided safe, reliable, and cost-effective helicopter services in some of the most remote and challenging environments around the world. Our dedication to safety and reputation for quality and innovation help our customers reach beyond what they thought possible.

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Disclaimer

CHC Group Ltd. published this content on 17 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2023 15:39:03 UTC.


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Managers and Directors
David Balevic President, Chief Executive Officer & Director
Michael J. Bevacqua Director
Michael T. Steen Director
John A. Crum Director
Melyssa Charlton Manager-Financial Reporting