Canadian North being sold to Winnipeg-based company for $205M

One of the North's major airlines is being sold. Winnipeg-based Exchange Income Corporation (EIC) announced on Monday that it will buy Canadian North for $205m, subject to regulatory approval. The company promised the sale would mean better service to northern communities. Exchange Income Corporation already owns several aviation companies that operate in northern and remote regions, including Calm Air, Perimeter Aviation, Keewatin Air and Custom Helicopters. "Canadian North will be a natural fit with our other northern air operators. Combining our aviation resources, knowledge, and assets with the team at Canadian North, will lead to increased efficiency and enhanced service levels in the region," said Mike Pyle, CEO of EIC, in a statement. Canadian North, which offers passenger and cargo service to 24 communities in the N.W.T. and Nunavut as well as charter service for the resource industry, is currently owned by the Makivvik Corporation and the Inuvialuit Development Corporation. It operates out of Edmonton and Ottawa. The sale, if approved by the Competition Bureau and Transport Canada, is expected to be finalized later this year. EIC president Carmele Peter said the acquisition had been in the works for a while. She said Calm Air — an EIC subsidiary — currently serves the Kivalliq region in Nunavut, while Canadian North offers similar service to the east and west of that region. "So when you look at the landscape, obviously we saw an opportunity to be able to look at providing that service holistically across the whole region by the addition of Canadian North," Peter said. "We thought it was a good fit, a good opportunity, and hopefully the communities will benefit from it."<br/>