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Slide #57. Exchange Income Corporation — Regional One, Inc.
Exchange Income Corporation (TSE:EIF.CA)
Regional One, Inc.
Exchange Income Corporation (TSX: EIF) (the "Corporation"), announced today that it has signed a stock purchase agreement to acquire all of the shares of Regional One, Inc., a privately-owned US company that is a leading provider of aircraft and engine aftermarket parts to regional airline operators around the world. The acquisition is valued at approximately US $80 million, subject to adjustments for taxes, and will be funded through the issuance of the Corporation's common shares and debt financing. The acquisition is expected to be immediately accretive to the Corporation's earnings per share and free cash flow per share. The closing of the transaction is subject to receipt of regulatory approvals and other standard conditions. The transaction is expected to close by April 1, 2013.
Exchange Income is focused on opportunities in aerospace, aviation services and equipment, and manufacturing sectors. Co. has two operating segments: Aerospace and Aviation and Manufacturing. The Aerospace and Aviation segment provides airline services to communities in Manitoba, Ontario, Nunavut, and eastern Canada and also sells aircraft, engines and aftermarket parts to regional airline operators around the world. In addition, Co.'s subsidiary, Provincial Aerospace Ltd.'s aerospace business designs, modifies, maintains and operates custom sensor-equipped aircraft. The Manufacturing segment consists of niche manufacturers in markets throughout Canada and the United States.
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