25-02-2025
Canadian North sold to Winnipeg-based company for $205M
One of the North's major airlines is being sold.
Winnipeg-based Exchange Income Corporation announced on Monday that it was buying Canadian North for $205 million. The company promised the sale would mean better service to northern communities.
The Exchange Income Corporation already owns several aviation companies that operate in northern and remote regions, including Calm Air, Perimeter Aviation, Keewatin Air and Custom Helicopters.
"Canadian North will be a natural fit with our other northern air operators. Combining our aviation resources, knowledge, and assets with the team at Canadian North, will lead to increased efficiency and enhanced service levels in the region," said Mike Pyle, CEO of EIC, in a statement.
Canadian North, which offers passenger and cargo service to 24 communities in the N.W.T. and Nunavut as well as charter service for the resource industry, is currently owned by the Makivvik Corporation and the Inuvialuit Development Corporation. It operates out of Edmonton and Ottawa.
Shelly De Caria, Canadian North's president and CEO, said in a statement that EIC was "committed to investing in Canadian North to deliver exceptional services and to further grow our business.
"This acquisition will allow us to enhance our commitment to the communities we serve and to expand our services to meet the evolving needs of the North, our customers, and the Canadian economy."
The sale has yet to be approved by regulators and is expected to be finalized later this year.
