Offshore staff
HOUSTON – Bristow Group Inc. and Era Group Inc. have entered into a definitive agreement to combine the two companies in an all-stock transaction.
Under the terms of the agreement, which was unanimously approved by the board of directors of both companies, Bristow shareholders would own 77% of the equity of the new company and Era shareholders would own 23%.
The transaction is expected to close in the second half of 2020, following receipt of required regulatory approvals and satisfaction of other customary closing conditions, including approval by Bristow’s and Era’s stockholders.
The combined company, which will be named Bristow, will be headquartered in Houston.
Chris Bradshaw, president and CEO of Era, will become president and CEO of the combined company. The senior management team will be named at a future date.
The combined company will have a nine-member board of directors, including seven members from Bristow and two members from Era, including the CEO. The chairman and vice-chairman of the board will be appointed by Bristow.
The new company will have more than 300 helicopters. It will also create what is said to be the world’s largest operator of S92, AW189, and AW139 model helicopters.
01/24/2020
