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Exchange Income Corporation Completes Acquisition of Canadian North
Exchange Income Corporation (TSX: EIF) (“EIC” or the “Corporation”), ...
About this update from Exchange Income Corporation
[{"type":"text","content":"Exchange Income Corporation Completes Acquisition of Canadian North\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Exchange Income Corporation (TSX: EIF) (“EIC” or the “Corporation”), a diversified, acquisition-oriented company focused on opportunities in the Aerospace & Aviation and Manufacturing segments, announced today it has successfully closed its acquisition of Bradley Air Services Limited, operating as Canadian North. The entering into of the agreement to acquire Canadian North was originally announced on February 24, 2025. The purchase price is $205 million, subject to post-closing adjustments, of which $10 million was paid through the issuance of common shares of EIC. The balance was financed through the Corporation’s credit facility.\n \n\n The acquisition of Canadian North provides EIC with a unique opportunity to acquire a Northern airline that operates in adjacent regions and on highly complementary routes to those serviced by EIC. Canadian North provides essential passenger and cargo services to 24 remote Canadian Arctic communities in Nunavut and the Northwest Territories, from its southern gateways in Ottawa and Edmonton. This represents two-thirds of its revenues. Canadian North also provides dedicated charters to resource customers in northern Alberta and British Columbia. These services are delivered with a fleet of 737 jets and ATR turboprops, which are a mix of owned and leased aircraft. Canadian North has significant infrastructure with hangars in Iqaluit, Yellowknife, Ottawa, Edmonton, and Calgary. The acquisition excludes the Montreal to Kuujjuaq route, which will be maintained by one of the vendors, Makivik Corporation (“Makivvik”).\n \n\n Canadian North provides passenger and cargo services in the eastern and western regions in Nunavut, while EIC’s subsidiary Calm Air services the central region. Canadian North is also active in the Northwest Territories, where EIC has no passenger or cargo presence. This investment also provides EIC passenger and cargo jet service and infrastructure in the North to provide opportunities for our other aviation companies. The acquisition of Canadian North will enable EIC to service all regions in the far north for the first time. As an experienced operator who is dedicated to Nor...