Unsecured loan will finance the Montréal company’s acquisition of Bombardier’s Business Aircraft Training division
Montréal, December 21, 2018 – The Fonds de solidarité FTQ today announced a major interest in an unsecured loan to CAE (NYSE: CAE; TSX: CAE) to keep Bombardier’s Business Aircraft Training (BAT) division in Québec hands. CAE confirmed today the financing of the transaction, which will strengthen its position as a global leader in aircraft training. The acquisition of the BAT division is expected to close by the second half of calendar year 2019.
“This strategic acquisition by CAE, one of the four prime contractors in the Québec aeronautics sector, will keep Bombardier's training activities in the hands of a Québec company,” said Janie Béïque, Executive Vice-President, Investments, at the Fonds de solidarité FTQ. “This transaction is perfectly in line with the Fonds’ desire to support the growth of Québec's aeronautics sector, recognized as one of the world’s top aeronautical hubs.”
Since its inception, the Fonds has invested upwards of $1.1 billion in 157 aeronautic and transport services companies.
This transaction is subject to normal closing conditions.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at May 31, 2018, the organization had $14.3 billion in net assets, and through its current portfolio of investments has helped create and protect over 194,746 jobs. The Fonds is a partner in 2,839 companies and has 667,417 shareholder-savers. For more information, visit www.fondsftq.com.