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Erickson announces definitive purchase agreement for aerial services business

Erickson Air-Crane announced that it has signed a definitive purchase agreement to acquire Air Amazonia, the aviation services division of HRT Participaçoes em Petroleo S.A., as well as a fleet of six aircraft and ground facilities. The company expects the transaction to close in Q3 following the satisfaction of certain customary closing conditions. Terms of the deal, which were revised from those previously disclosed in a binding term sheet announced on March 7. Pursuant to the agreement, Erickson will pay $23M at closing for the business and an additional $3M within twelve months of closing as consideration for the achievement of certain milestones. In conjunction with the acquisition, Erikson expects to earn a minimum revenue of $29M per year thanks to their new five-year aerial services contract with HRT.