Tue, Nov 17, 2020
FSC Was Founded In 2005 And Is Based In Amsterdam
CAE has acquired all the issued and outstanding shares of Flight Simulation Company B.V. (FSC) for a cash consideration of approximately €70 million (approximately C$108 million) paid to the sellers, calculated on the basis of an enterprise value of €100 million (approximately C$155 million).
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, comprised 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 is well positioned in the current environment, with access to bolstered capital resources, to enhance its market presence with selective, value-based acquisitions within its core. The acquisition of FSC will allow CAE to better support its customers and expand its addressable market,” said Marc Parent, CAE’s President and Chief Executive Officer.
FSC was founded in 2005 and is based in Amsterdam, in proximity to Schiphol Airport. It provides total training solutions as well as instructor provisioning. It operates out of a 12-bay facility equipped with Airbus A320, Boeing B737, Boeing B747, Boeing B787 and Embraer E190 full-flight simulators.
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