On October 24, 2023, CAE Inc. announced the sale of its Healthcare business to Chicago-based Madison Industries for C$311 million, subject to adjustments. Marc Parent, President and CEO of CAE, acknowledged CAE Healthcare's significant contribution to patient safety, stating that the business is poised for further growth under Madison Industries. This sale aligns with CAE's strategy to concentrate on their larger, core simulation and training markets, allowing for efficient capital and resource allocation towards promising growth opportunities.

Madison Industries, led by founder and CEO Larry Gies, aims to enhance safety, health, and productivity. Gies expressed enthusiasm for building on CAE Healthcare's legacy of innovation and advancing simulation and quality outcomes with the company's comprehensive clinical training tools. Madison plans to leverage CAE Healthcare's skilled workforce across the U.S., Europe, and its leading R&D capabilities in Quebec.

The transaction, pending customary regulatory approvals, is expected to close by the end of fiscal year 2024. CAE intends to use the proceeds primarily for accelerated deleveraging and to further invest in technology advancement, market leadership, and cost optimization within its primary training and simulation markets.