(Halifax) Chorus Aviation announces it will sell its regional aircraft leasing business in a transaction valued at $1.9 billion.
Halifax-based Chorus says the buyers are affiliates of investment funds managed by New York-based HPS Investment Partners.
The affiliates’ $1.9 billion offer includes $814 million in cash and $1.1 billion in the form of the purchasers’ assumption or prepayment of aircraft-related debt at closing.
Chorus says its major shareholders, Brookfield Asset Management and Air Canada, have both signed agreements to support the transaction.
The deal still needs to receive at least two-thirds of the votes cast by Chorus’ ordinary shareholders to be approved.
If approved, Chorus expects the transaction to close by the end of the year.