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Sun, May 20, 2012

CAE Acquires Oxford Aviation Academy

Adds Seven New Civil Aviation Training Centers, 40 Full-Flight Simulators

CAE has acquired Oxford Aviation Academy (OAA) for $309 million. The company says the acquisition strengthens its civil aviation training by increasing its training center footprint, growing its Ab-Initio flight training network and extending its portfolio by adding OAA's Parc Aviation.

"We are very excited about this acquisition as it enables us to offer our customers more locations and additional training capacity as well as a new service for pilot and maintenance crew sourcing. We have greatly enhanced CAE's industry-leading position with the addition of two of the industry's strongest brands in Ab-Initio aviation training and crew sourcing: Oxford Aviation Academy and Parc Aviation," said Marc Parent, CAE's President and CEO. "Civil aerospace market fundamentals are strong and we are increasing our position at an opportune time. With this acquisition, CAE responds to market demand with an increased footprint and a complete end-to-end solution for commercial aviation."

The acquisition strengthens CAE's position in capturing the long-term and growing market demand for aviation professionals:

  • Adds seven new civil aviation training centers offering pilot, maintenance and cabin crew training to its global network for a total of 42 civil training locations worldwide
  • Adds 40 full-flight simulators for a total of 211 full-flight simulators
  • Adds four of the industry's most renowned flight academies (Ab-Initio flight training organizations) with a capacity to train over 600 cadets annually, for a total CAE-operated network of 12 flight schools with a capacity to train 1,500 cadets annually. The Oxford Aviation Academy has enjoyed a 50-year pedigree of excellence, and the CAE-operated flight schools will now be branded CAE Oxford Aviation Academy.
  • Broadens portfolio by extending into pilot and maintenance crew sourcing through Parc Aviation, which currently provides 1,200 aviation personnel on assignment to 50 airlines and leasing companies in 40 countries, primarily in Asia. Parc Aviation will now be branded CAE Parc Aviation Personnel.

Oxford Aviation Academy (OAA) had revenues of approximately $276 million during CAE's fiscal year 2012 and the purchase price represents approximately 9 times OAA's EBITDA during the same period. The acquisition will be accretive to CAE's earnings in fiscal year 2014. CAE has financed the acquisition with a new senior unsecured credit facility.

FMI: www.cae.com

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