Erickson Air-Crane Incorporated (Portland, Oregon) which operates the Erickson S-64 Aircrane, announced that its wholly owned subsidiary, Evergreen Helicopters, Inc. (EHI) (McMinnville, Oregon), has acquired five aircraft for $10.1 million that it has historically leased from a third-party. The acquired aircraft include two Bell 214STs, two Beechcraft 1900Ds and one CASA 212-CC. The Company’s total fleet size remains unchanged at 85 aircraft, now comprised of 35 leased and 50 owned aircraft.

Erickson Air-Crane closed its acquisition of Evergreen Helicopters, Inc.(EHI) from Evergreen International Aviation, Inc. on May 2, 2013.

EHI currently operates a fleet of 65 aircraft of varying rotary-wing and fixed-wing types for a wide range of passenger transport and light, medium and heavy load-carrying missions. This diverse fleet serves both government and commercial customers, including significant and critical programs with the US Military in support of overseas operations. EHI maintains a global presence with operations in North America, the Middle East, Africa, and Asia-Pacific.

Total consideration for the acquisition was: $185.0 million of cash, $17.5 million in unsecured promissory notes issued by Erickson, and approximately four million newly-issued preferred shares, mandatorily convertible, at the option of the Company, into an equal number of common shares, subject to shareholder approval under NASDAQ marketplace rules, which the Company now intends to seek. As part of the acquisition, Erickson funded the acquisition by EHI of nine aircraft from an affiliate of EIA for approximately $13 million. As part of its integration plans, the Company will consolidate operations and will incur restructuring and other costs as a result.