Exchange Income Corporation to acquire Canadian North for $205 million

Company

Makivik Corporation

Law Firm / Organization
Norton Rose Fulbright Canada LLP

Company

Bradley Air Services Limited, operating as Canadian North

Law Firm / Organization
Norton Rose Fulbright Canada LLP

On February 24, 2025, Exchange Income Corporation (TSX: EIF) (EIC) agreed to acquire Canadian North for $205 million, funded through $10 million in EIC shares and $195 million in cash from its credit facility. The deal, expected to close later this year pending regulatory approvals, expands EIC’s northern aviation operations. Canadian North serves 24 remote communities in Nunavut and the Northwest Territories, with hubs in Ottawa and Edmonton, and offers charter services for resource sector clients. The acquisition complements EIC’s existing airline, Calm Air, and strengthens its presence in the region. The Montreal-Kuujjuaq route will remain with Makivik Corporation. EIC anticipates increased operational efficiency and long-term growth driven by Arctic sovereignty and resource development.

Torys LLP advised EIC, while Norton Rose Fulbright Canada LLP represented Makivik and Canadian North.

Merger & Acquisition
Transportation
$ 205,000,000
Active