Bristow Group to Acquire British International Helicopter Services Limited, Further Enhancing its Leading Government Services Offering
Bristow Group (NYSE:VTOL) announced plans to acquire British International Helicopter Services Limited (BIH) in an all-cash transaction expected to close in Q3 2022, pending regulatory approvals. This acquisition aims to enhance Bristow's government services sector, leveraging BIH's established relationships in military and civilian markets. BIH operates a fleet of helicopters that support the UK Ministry of Defence and the Royal Navy. The deal is anticipated to generate efficiencies and expand Bristow's service capabilities in the UK and beyond.
- Acquisition enhances Bristow's government services portfolio.
- BIH's established relationships with military and civilian markets can lead to new partnerships.
- Expected operational efficiencies by leveraging Bristow's scale.
- Expansion potential into the UK and international markets.
- Integration challenges may arise from merging BIH into Bristow's operations.
- Regulatory approvals could delay the closing of the transaction.
- Potential risks related to undisclosed liabilities or operational issues from BIH.
- BIH currently delivers combined search and rescue (SAR) and support helicopter services for the UK Ministry of Defence (MOD) with operations in the Falkland Islands
- BIH also delivers Fleet Operational Sea Training (FOST) helicopter support for the Royal Navy
- All-cash transaction, expected to close in the third quarter of 2022
HOUSTON, April 29, 2022 /PRNewswire/ -- Bristow Group Inc. (NYSE:VTOL) today announced its plans to acquire British International Helicopter Services Limited ("BIH"), further enhancing its leading global Government Services business.
Bristow will continue to build upon BIH's strong relationships established through a longstanding history of serving both military and civilian markets. Bristow expects to realize efficiencies by leveraging its scale to continue providing safe and reliable vertical lift solutions in the region.
"Bristow looks forward to adding BIH's complementary business and capable team members to our portfolio. This acquisition will further our government services business as we look to strengthen existing relationships and develop new partnerships throughout government sectors for safe and reliable vertical lift solutions," said Chris Bradshaw, President and CEO of Bristow Group. "Bristow is the leader in vertical lift for government services today. By adding BIH's existing capabilities and experienced team members and building off its history in working with the British Armed Forces, Bristow will be well-positioned to further expand our services throughout the UK and beyond."
BIH will add to Bristow's operations in the UK and adopt the Bristow name and brand throughout its operations. BIH currently operates a fleet of two AW189 SAR-configured helicopters, three S61 helicopters, and one AS365 helicopter, performing various passenger and freight transport as well as hoist operations.
"Since stepping in to preserve an important national asset in 2013, Rigby Group's aviation division has worked diligently on strengthening British International Helicopters' operational and commercial foundations. With the right partnerships, infrastructure, and global reach, the business is now well placed for growth. We believe that ambition will best be served by BIH becoming part of an industry heavyweight like Bristow Group," said Paul Southall, Managing Director of British International Helicopters. "In Bristow, we believe we have found the perfect natural home for both the company and the team who have helped get BIH to its robust and secure position. BIH will be superbly positioned to strengthen and grow as part of Bristow."
The acquisition is an all-cash transaction and is expected to close in the third quarter of 2022, following required regulatory approvals and satisfaction of other customary closing conditions.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of major integrated, national and independent energy companies. Bristow provides commercial search and rescue (SAR) services in several countries and public sector SAR services in the United Kingdom (U.K.) on behalf of the Maritime & Coastguard Agency. Additionally, the Company also offers fixed wing transportation and other aviation related solutions. Bristow currently has customers in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S. To learn more, visit our website at www.bristowgroup.com.
About British International Helicopter Services Limited
British International Helicopter Services Limited operates both civil and military registered aircraft, regulated under separate aviation authorities, demonstrating an agile ability to meet different, yet equally demanding, regulations on a wide range of complex projects. BIH is a trusted, long-term partner to both military and commercial clients, delivering safe, agile and skilled helicopter services in some of the world's most challenging flying and environmental conditions. To learn more, visit our website at www.britishinternationalhelicopters.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, among other things, statements regarding plans and expectations with respect to the proposed acquisition of BIH (the "Proposed Transaction") and the anticipated impact of the Proposed Transaction on Bristow's results of operations, financial position, growth opportunities and competitive position, including anticipated or expected revenues or other benefits, and timing for the closing of the Proposed Transaction. Although we believe that the expectations reflected in these forward-looking statements are reasonable, such statements reflect Bristow's current views with respect to future events, financial performance and operational performance based on management's experience and perception of trends, current conditions, anticipated future developments and other factors believed to be appropriate, including information provided by BIH. As such, we can give no assurance that those expectations will prove to have been correct. These statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: the risk that a condition to the closing of the Proposed Transaction may not be satisfied or that the Proposed Transaction may fail to close on the anticipated timeline or at all; the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the Proposed Transaction; conditions imposed on the companies in order to obtain required regulatory approvals; the costs incurred to consummate the Proposed Transaction; difficulties related to the integration of BIH into Bristow's business and our inability to realize the benefits of the Proposed Transaction; disruption from the Proposed Transaction making it more difficult to maintain relationships with customers, employees, regulators or suppliers; the diversion of management time and attention on the Proposed Transaction; currently unknown risks and liabilities relating to the newly acquired business and its operations; and other risks more fully discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, each of which are available on our website (www.bristowgroup.com) or the SEC's website (www.sec.gov). If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward looking statements. This press release reflects the views of Bristow's management as of the date hereof. Except to the extent required by applicable law, Bristow undertakes no obligation to update or revise any forward-looking statement.
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SOURCE Bristow Group
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