CHC Shareholders Approve Private Placement to CD&R
November 11, 2014
CHC Group (NYSE: HELI), the parent company of CHC Helicopter, has announced that its shareholders have approved a private placement of shares to Clayton, Dubilier & Rice that could reach $600 million. CHC and CD&R previously entered into an agreement in August where CD&R purchased preferred shares for $116 million, however, under the agreement, any additional investment would be subject to CHC shareholder approval. CD&R is expected to invest an additional $384 million in a second closing that could occur as soon as Wednesday.
Operating 233 aircraft in approximately 30 countries, CHC provides flight services to oil & gas companies as well as government search-and-rescue agencies. The company also provides helicopter maintenance, repair and overhaul services.