CAE to increase ownership stake in SIMCOM Aviation Training joint venture and extend exclusive Business Aviation training agreement with Flexjet and its affiliates. [Globe and Mail, The (T...
CAE Inc. Ordinary Shares (CAE)
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Source: Globe and Mail, The
MONTREAL Nov. 4, 2024 /CNW/ - (NYSE: CAE) (TSX: CAE) - CAE announced today that it will increase its ownership stake in its existing SIMCOM Aviation Training (SIMCOM) joint venture by purchasing a majority of SIMCOM shares from Volo Sicuro for USD $230 million , subject to customary adjustments, to be financed with CAE's existing credit facility and cash on hand. As part of the transaction, Flexjet, LLC, a related party of Volo Sicuro , will retain a minority stake in SIMCOM following the closing, expected to take place in the coming days. Additionally, CAE and SIMCOM will each extend their respective exclusive business aviation training services agreement with Flexjet and its affiliates by 5 years. This results in a remaining exclusivity period of 15 years for both agreements. This significant organic investment will further solidify CAE's presence in its core business aviation training market, increase recurring revenue streams, and reinforce its commitment to delivering world-
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CAE
Earnings
- 11/12/24 - Beat
CAE
Sec Filings
- 11/13/24 - Form SC
- 11/12/24 - Form 6-K
- 11/12/24 - Form 6-K
- CAE's page on the SEC website