Chorus completes acquisition of Voyageur Airways

Chorus Aviation has successfully closed its acquisition of 519222 Ontario Limited, a holding company that owns Voyageur Airways Limited and its related companies (Voyageur), a leading provider of specialized aviation services with international operations. The acquisition was first announced on March 12, 2015. The purchase price, on a cash free/debt free basis, represents a total enterprise value of approximately $80 million and is subject to certain post-closing working capital adjustments. Utilizing cash on hand, Chorus paid $47.0 million and issued $8.0 million in Chorus Class B Voting Shares to Max Shapiro, sole owner of Voyageur. Approximately $25 million in deferred