Lafayette-based helicopter services company PHI is acquiring Montreal-based HNZ Group's offshore operations in the Pacific.
Under the agreement, HNZ Chief Executive Officer and President Don Wall will acquire all of HNZ's stock for $188.8 million. PHI will then buy HNZ's offshore business in New Zealand, Australia, the Philippines and Papua New Guinea from Wall. The cost of the offshore business was not disclosed.
"This acquisition is an important part of our plan to diversify our services and international footprint," said Al A. Gonsoulin, PHI chairman and CEO.
PHI is one of the world's largest helicopter services companies, with more than 230 aircraft in over 85 locations around the world.
HNZ Group provides helicopter transportation and related support services in Canada, Australia, New Zealand, Antarctica, the U.S. and Southeast Asia. The company has more than 115 helicopters and its customers include the offshore oil and gas industry.
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Shareholders of HNZ will receive $14.57 for each of their shares, or 43 percent more than the stock closed at Monday. The acquisition is expected to close by the end of January. The deal allows HNZ to accept a higher offer, but in that case PHI would be paid a $5.1 million termination fee and Wall up to $780,000 in expenses.