WIMBORNE, England, July 15 (UPI) -- Britain's Cobham plc has expanded its aviation services business with the acquisition of FB Heliservices Ltd., FB Leasing Ltd. and FBS Ltd.
The purchase of the 50 percent shares it did not already own in the companies were obtained from its joint venture partner, Bristow Helicopters Limited, for $111.7 million.
Under the deal, Cobham also assumes Bristow's share of FBH's net debt.
"FBH is a business we know extremely well through our long established joint venture arrangement and it has capabilities that are highly complementary to our existing Aviation Services business," Cobham Chief Executive Officer Bob Murphy said. "It also brings a long track record of operating in attractive, specialist outsourcing markets with demonstrable success in winning contracts across the globe.
"We also offer our thanks to Bristow at the conclusion of this joint venture partnership, as FBH has successfully served to benefit all its stakeholders, including the UK Ministry of Defense and its other customers globally."
Cobham said the acquisition enables it to build on existing capabilities and offer customers the convenience of a transport solution that includes a combination of helicopters and fixed wing aircraft. It also enhances Cobham's exposure to the non-defense/security markets in the United States.