Plus   Neg

Bristow Group, Columbia Helicopters Mutually Agree To Terminate Acquisition Deal

Industrial aviation services provider Bristow Group Inc. (BRS) Monday announced that it has mutually agreed with Columbia Helicopters, Inc. to terminate agreement to acquire Columbia.

In connection with the termination, Bristow has paid $20 million to Columbia. Bristow, Columbia and Columbia's shareholders have agreed to release each other from all claims in connection with the purchase agreement and the related transactions.

Thomas Knudson, the Chairman of the Board of Directors of Bristow, stated, "The decision to enter into a mutual termination of the purchase agreement was based on a number of developments following the entry into the agreement, which led both Bristow and Columbia to conclude that it was not possible to combine the two companies at this time."

Steve Bandy, the President and Chief Executive Officer of Columbia, added that they continue to believe in the potential for collaboration between Bristow and Columbia, and the companies are actively considering mutually beneficial opportunities to work together.

Bristow Group shares gained 6.3 percent in the regular trading and settled at $3.06. In the after hours trading, shares declined 16.7 percent to $2.55.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT