Erickson Air-Crane Inc. (Nasdaq: EAC) is buying Air Amazonia Servicos Aeronauticos Ltda.
Erickson will pay $23 million in cash when the deal closes, plus up to an additional $3 million based on certain milestones.
The target is the aviation service division of Rio de Janeiro, Brazil-based HRT Participacoes em Petroleo SA. The deal includes six aircrafts and ground facilities.
As part of the deal, Erickson plans to enter into a five year contract with HRT to provide rotary-wing-aircraft services to support the seller’s oil and gas activities.
Portland, Ore.-based Erickson provides aviation services to commercial and government customers. The company operates an 85 aircraft fleet.
Other recent aerospace deals include Acorn Growth Cos. and the Edgewater Funds partnership to purchase Tods Aerospace & Defence, MB Aerospace Holdings Ltd.’s acquisition of Delta Industries Inc. and TransDigm Group Inc.’s (NYSE: TDG) deal for Arkwin Industries Inc.