Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.
Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10, 2020.
The expiration of the waiting period under the HSR Act satisfies a condition to the closing of the merger, Era said.
"The closing of the Merger remains subject to other customary closing conditions, including the approval of the merger by Bristow’s stockholders and the approval of the issuance of the shares in the merger by Era’s stockholders," the helicopter company added.
The two helicopter companies, specializing in providing transportation services to the offshore oil and gas industry, in January announce the plan to merge in an all-stock transaction that would create "a financially stronger company with enhanced size and diversification."
The merged company will have a combined fleet of more than 300 of the "industry’s most modern aircraft with the latest generation of technology and safety features". It will become the world’s largest operator of S92, AW189, and AW139 model helicopters.
The combined company will retain the Bristow name and will provide offshore aviation transportation and search and rescue solutions in the Americas, Nigeria, Norway, the United Kingdom, and Australia.
Under the terms of the merger agreement, which was unanimously approved by the Board of Directors of both companies, Bristow shareholders would own 77% of the equity of the new company and Era shareholders would own 23%.
The transaction is expected to close in the second half of 2020, following receipt of required regulatory approvals and satisfaction of other customary closing conditions, including approval by Bristow’s and Era’s stockholders.
