The deal is expected to complete in the second calendar quarter of 2021
Babcock, the aerospace and defence company, has entered into a conditional agreement for the sale of its Oil and Gas aviation business to CHC Group, LLC (CHC).
The Oil and Gas business, which is part of the Group’s Aviation sector, provides offshore oil and gas crew transportation services in the UK, Denmark and Australia. It is headquartered in Aberdeen, UK, and employs over 500 people and operates around 30 aircraft across its three locations.
The deal is expected to complete in the second calendar quarter of 2021, subject to the satisfaction of the relevant third party conditions. It is intended that CHC will seek clearance for the transaction from antitrust authorities in the UK and Australia, but completion is not conditional upon such clearances being received.
Further information will be provided upon completion of the deal.
Source: Company Press Release