On Nov. 16, CAE Inc. (CAE) announced that it had acquired all of the issued and outstanding shares of Flight Simulation Company B.V. (FSC) for a cash consideration of approximately EUR 70,000,000 (approximately $108,000,000), calculated on the basis of an enterprise value of EUR 100,000,000 (approximately $155,000,000).
The acquisition expands CAE’s ability to address the training market for customers operating in Europe, including airline and cargo operators. It provides CAE with an expanded portfolio of customers and an established recurring training business which is highly complementary to CAE’s network.
FSC is based in Amsterdam and includes a modern fleet of mainly CAE-built full-flight simulators (FFSs) and training devices, composed of nine narrow body B737 and A320 FFSs, two widebody aircraft FFSs and one regional jet. This acquisition is consistent with CAE’s internal acquisition criteria and capital allocation priorities, similar to its other recent bolt-on acquisitions, and is expected to be accretive to earnings in its first full year.
CAE Inc.’s internal legal team was led by Bruce McConnell, vice-president, mergers and acquisitions and structured finance, global head of M&A; Marjolaine Verdon-Akzam, legal counsel; and Onno Rijsdijk, director, legal.
Norton Rose Fulbright Canada LLP acted as Canadian counsel to CAE Inc. through its office in Montréal, with a team led by
and which included
Norton Rose Fulbright LLP acted as Dutch and German counsel to CAE Inc. through its offices in Amsterdam and Frankfurt, with a team which included
Geert-Jan van Rijthoven,
Annette van Beers,
Kende, Molnár-Bíró, Katona acted as Hungarian counsel to CAE Inc. through its office in Budapest, with a team that included
Dr. Molnár Tamás.
NautaDutilh N.V. acted as counsel to the sellers with a team led by
and which included