HNZ Group CEO gets OK to take helicopter operator private, sell portion to PHI Inc.

MONTREAL – Shareholders and the Quebec Superior Court have approved a deal for HNZ Group to be taken private by its CEO, who has agreed to sell some of its international helicopter operations following the transaction.

Under a proposal announced in October, HNZ shareholders other than HNZ chief executive Don Wall will receive $18.70 per share of the Montreal-based company.

HNZ (TSX:HNZ) will then sell its offshore operations in Australia, New Zealand, Philippines and Papua New Guinea to PHI Inc.

Wall will remain in charge of the remaining HNZ operations, which will have operations in Canada, the United States and Antarctica.

HNZ said that the court’s approval satisfied all the major conditions of the transaction, which is expected to close in late December.

Its shares were trading just below the offer price on Wednesday, about 70 per cent above the closing price on Oct. 30 prior to the going-private announcement.