Completes Purchase Of The Remaining 50 Percent It Did Not Already own
Cobham plc has completed the acquisition of the 50% shareholding that it did not already own in FB Heliservices Ltd, FB Leasing Limited and FBS Limited (together ‘FBH’), from its long standing joint venture partner, Bristow Helicopters Limited (‘Bristow’). The transaction comprises cash consideration of $112 million payable on completion, together with the assumption of Bristow’s share of FBH’s net debt.
Cobham says the move strengthens its presence in an attractive market, as well as the company's exposure to non US defense/security markets with the potential to expand its customer base in government related and other growth markets over time. It is expected to be immediately earnings enhancing and will cover the cost of capital in the first year of ownership
“FBH is a business we know extremely well through our long established joint venture arrangement and it has capabilities that are highly complementary to our existing Aviation Services business," said Cobham Chief Executive Officer, Bob Murphy. "It also brings a long track record of operating in attractive, specialist outsourcing markets with demonstrable success in winning contracts across the globe. We also offer our thanks to Bristow at the conclusion of this joint venture partnership, as FBH has successfully served to benefit all its stakeholders, including the UK Ministry of Defense and its other customers globally.”
It is expected that the acquisition will be immediately earnings enhancing and will cover the cost of capital in the first year of ownership.
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