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Erickson Air-Crane Incorporated (NASDAQ:EAC) (“Erickson,” “we,” “us” and “our”) today announced the completion of its previously announced acquisition of Air Amazonia Serviços Aeronauticos Ltda. (“Air Amazonia”) and certain related assets from HRT Participações em Petróleo S.A. (“HRT”).
The final terms of the acquisition, which provides Erickson with a five-year aerial services agreement (including annual renewals) with minimum revenue of $29 million per year and significant operating infrastructure in Brazil, including six new aircraft, two ground facilities, 59 new employees, and repair station certification, were unchanged from those described in the July 22, 2013 announcement of the definitive agreement. In addition, Erickson will have a right of first refusal to purchase any or all of HRT’s remaining eight aircraft over the next twelve months as well as the right of first refusal on all helicopter services in Brazil from HRT.
Udo Rieder, Chief Executive Officer of Erickson, commented, “We are very pleased to complete this important acquisition which will support our growth and enhance our competitive position in South America. In addition to adding HRT as a significant customer, we have significantly accelerated our ability to offer a comprehensive array of services to other existing and new customers throughout the region. We will start repositioning existing aircraft from our fleet to Brazil to meet the anticipated increase in demand from existing and potential future customers.”
Mr. Rieder continued, “We expect the transaction to be immediately accretive, and to provide excellent value for all of our stakeholders. This acquisition and our recent purchase of Evergreen Helicopters have positioned us to serve a diverse range of customers, across many end-markets. As we go forward, we are excited to demonstrate that our strategic capital deployment and our leadership position in the global aviation services market have positioned us to drive positive returns for shareholders.”
About Erickson Air-Crane Incorporated
Erickson is a leading global provider of aviation services to a diverse mix of commercial and government customers. Erickson currently operates a diverse fleet of 91 rotary-wing and fixed wing aircraft, including a fleet of 20 heavy-lift S-64 Aircranes. This fleet supports a wide and worldwide variety of government and commercial customers, across a broad range of aerial services, including critical supply and logistics for deployed military forces, humanitarian relief, firefighting, timber harvesting, infrastructure construction, and crewing. Erickson also maintains a vertical manufacturing capability for the S-64 Aircrane, related components, and other aftermarket support and maintenance, repair, and overhaul services for the S-64 Aircrane and other aircraft.