No flying today. In local aviation news, Exchange Income Corp. has purchased Bearskin Airlines. From the CBC Manitoba website:
A Winnipeg holding company has bought Bearskin Airlines for a cash and share deal worth $32.5 million. Exchange Income Corp. announced Wednesday that it has signed a letter of intent to acquire Bearskin Airlines, a regional carrier headquartered in Sioux Lookout.
"The acquisition of the business of Bearskin Airlines will help to accelerate the next phase of our growth and is strategic on a number of levels," Mike Pyle, president and CEO of Exchange Income stated in a news release.
"Most notably, it allows our aviation segment to expand its operations into select markets in northwestern Ontario that are generally under-served, including Thunder Bay, Sioux Lookout, Kenora, and Dryden.
"Equally important, it complements a number of our existing routes in Manitoba, providing opportunities for increased synergies and efficiencies for all of our aviation segment subsidiaries."
Exchange Income Corp. (EIC) already owns three other regional carriers: Perimeter Aviation, Calm Air, and Keewatin Air.
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