HNZ acquisition completed

HNZ has now officially been acquired by by its CEO Don Wall and Louisiana operator PHI, Inc.

As a result, HNZ shares will be voluntarily delisted from the Toronto Stock Exchange. Former HNZ shareholders will receive $18.70 in cash per share. The total compensation is valued around CAD$232.6 million.

Both purchasers have offered the depository for the arrangement. The deposit will allow the payments to former shareholders to begin.

PHI will walk away with HNZs offshore operations in New Zealand, Australia, the Philippines and Papua New Guinea. Don Wall will acquire the rest of the operations, including operations in the US and Antartica.

PHI currently operates a fleet of more than 230 aircraft in 85 different locations globally, predominately in the offshore oil and gas and medical services sector.