Babcock sells Oil and Gas aviation unit to CHC Group

(Sharecast News) - Babcock has clinched a deal to hive off its Oil and Gas aviation unit to CHC Group.
The unit, which provides transportation services for crews in the offshore oil and gas sector, employs more than 500 people and operates approximately 30 aircraft.

Transaction close is scheduled for the second quarter of 2021, subject to the "relevant third part conditions".

CHC will seek antitrust clearance from antitrust regulators for the purchase, but those approvals did not preclude completion of the transaction, Cobham said.