Erickson Air-Crane Inc. (EAC), the manufacturer of the Erickson S-64 Aircrane heavy-lift helicopter, on Tuesday revealed that it has executed a stock purchase agreement to buy Evergreen Helicopters, Inc. from Evergreen International Aviation, Inc. for $250 million, comprising $185.0 million in cash, $17.5 million in unsecured promissory notes issued by Erickson Air-Crane, and through four million mandatorily convertible preferred shares of Erickson Air-Crane valued at $47.5 million.
Udo Rieder, President and Chief Executive stated, "Our combined company will offer a comprehensive set of capabilities, a diverse portfolio of aircraft, and the ability to service nearly every corner of the globe. The acquisition of EHI is expected to be immediately accretive to EAC's earnings per share."
The transaction which is expected to close during the second quarter of 2013, shall see an additional payment of up to $26.3 million to Evergreen International in contingent consideration, subject to certain revenue targets for the years 2013, 2014 and 2015, said Erickson Air-Crane.
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