Eurocopter seals C$624 million Vector purchase

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Eurocopter has completed its takeover of Canadian MRO specialist Vector Aerospace in a deal worth C$624 million ($647 million).

The airframer said the acquisition will help it, and parent company EADS, to increase its support and services activities in both the civil and governmental markets.

It also increases its presence in North America and the UK, in-line with EADS's Vision 2020 strategy.

Lutz Bertling, chief executive of Eurocopter, said: "The acquisition of Vector marks an important step to position Eurocopter as a more significant global player in the aviation support and services industry. While Vector will continue to operate as an autonomous company, keeping its successful brand name, the complementary nature of our respective worldwide networks will enable us to develop our activities, both faster and more efficiently-for the benefit of our customers."

His counterpart at Vector, Declan O'Shea, added: "Becoming part of Eurocopter and EADS is perhaps the single most important event in our company's history as it elevates us into a different echelon of aviation maintenance, repair and overhaul providers."

He says the deal will give the company access to new markets.

Eurocopter now owns 98.32% of Vector's shares for which it paid C$13 each. The remainder will be compulsorily purchased.