Canadian North is now officially under new ownership.
Exchange Income Corp. (EIC), based in Winnipeg, announced on July 2 that it has completed the acquisition to buy Bradley Air Services Ltd., Canadian North's legal name, from Makivvik Corp. and the Inuvialuit Regional Corporation. The purchase price was $205 million, which was a combination cash-and-stock deal of $10 million of EIC common shares and $195 million in cash changing hands.
EIC stated that the cash portion of the purchase came from its credit.
The deal was first announced back in February and the purchase was subject to "regulatory approvals", as EIC described it. Canadian North stated that the regulatory approvals had been given and the airline is now officially under the EIC banner.
“We love the North and have become a leading operator in this unique region over many years," stated Mike Pyle, EIC's chief executive officer, back in February when the then-tentative deal was announced. "Canadian North will be a natural fit with our other northern air operators."
Canadian North also insisted that it would be business as usual with no changes to operations, customer bookings, or the route network.
EIC already owns Calm Air, which services central Nunavut, and Keewatin Air.
Canadian North merged with First Air in 2019 to become one airline.
