On July 30, 2024, Chorus Aviation Inc. agreed to sell its Regional Aircraft Leasing (RAL) segment, including Falko Regional Aircraft Limited and equity interests in associated aircraft investment funds, to affiliates of HPS Investment Partners for approximately $1.9 billion. The transaction comprises $814 million in cash (net of transaction expenses) and $1.1 billion in aircraft debt to be assumed or prepaid by the buyers. The sale, consistent with public company lessor trading multiples, allows Chorus to reduce debt, enhance its capital structure, and focus on sustainable growth in aviation services. Shareholders Brookfield and Air Canada, holding 13.2% and 8.1% of Chorus shares respectively, agreed to vote in favor of the deal, which is subject to shareholder and regulatory approval. Goldman Sachs International and Scotiabank advised Chorus, with Milbank LLP and Osler, Hoskin & Harcourt LLP providing legal counsel. Slaughter & May acted as legal advisor to HPS Investment.

The deal is expected to close by the end of 2024.