Cobham Plc has acquired full ownership of its helicopter services joint venture with Bristow Helicopters Ltd for $112 million cash.
FBH“™s management team will continue operating the venture and Cobham intends for the investment to complement its aviation services business, Cobham said Monday.
Cobham says it intends provide customers with a transportation system combining helicopters and winged aircraft and seek opportunities in non-U.S. defense markets.
Bob Murphy, Cobham CEO, said FBH has won several contracts worldwide and holds a portfolio in outsourcing markets.
The deal is expected to increase the earnings of Cobham and cover capital costs during the first year following the acquisition.
Cobham also assumes FBH“™s net debt of approximately $57 million, the company said.