CAE Completes $108M Purchase of Dutch Trainers
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CAE has acquired all the issued and outstanding shares of Flight Simulation Company B.V. (FSC) for approximately C$108 million on the basis of an enterprise value of approximately C$155 million. The acquisition expands CAE’s ability to address the training market for customers operating in Europe, including airline and cargo operators. It provides CAE with an expanded portfolio of customers and an established recurring training business which is complementary to CAE’s network.
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FSC is based in Amsterdam and includes a modern fleet of mainly CAE-built full-flight simulators (FFSs) and training devices, comprised of nine narrow body B737 and A320 FFSs, two widebody aircraft FFSs and one regional jet. This acquisition is consistent with CAE’s internal acquisition criteria and capital allocation priorities, similar to its other recent bolt-on acquisitions, and is expected to be accretive to earnings in its first full year.
“CAE is well positioned in the current environment, with access to bolstered capital resources, to enhance its market presence with selective, value-based acquisitions within its core. The acquisition of FSC will allow CAE to better support its customers and expand its addressable market,” said Marc Parent, CAE’s President and Chief Executive Officer.
