Bristow Has Paid $20 Million To Columbia In Connection With The Agreement

Bristow Group and Columbia Helicopters, Inc. today announced that Bristow and Columbia have mutually agreed to terminate Bristow's agreement to acquire Columbia.

In connection with the termination, Bristow has paid $20 million to Columbia. Bristow, Columbia and Columbia's shareholders have agreed to release each other from all claims in connection with the purchase agreement and the related transactions.  

"The decision to enter into a mutual termination of the purchase agreement was based on a number of developments following the entry into the agreement, which led both Bristow and Columbia to conclude that it was not possible to combine the two companies at this time," said Thomas C. Knudson, the Chairman of the Board of Directors of Bristow. "We continue to value our relationship with Columbia and look forward to having the opportunity to work together in the future."

"We continue to believe in the potential for collaboration between Bristow and Columbia, and the companies are actively considering mutually beneficial opportunities to work together," said Steve Bandy, president and Chief Executive Officer of Columbia.

Under the proposed takeover deal announced last November, Bristow was set to acquire 100% of the equity interests of Columbia for $560 million from the Lematta family and current management.

(Source: Bristow Helicopters news release. Image from file)

FMI: www.bristowgroup.com