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On Friday, air medical-evac specialist Air Methods (NASDAQ: AIRM ) , announced it has agreed to acquire all outstanding shares of capital stock of Sundance Helicopters, a helicopter tour operator based in Las Vegas that specializes in aerial tours of the Grand Canyon. With Sundance comes its fleet of 22 Eurocopter AS350 and EC130 helicopters, and a revenue stream of approximately $52 million annually. Air Methods says it "believes this acquisition will be accretive to earnings per share."
Air Methods will pay $44 million for Sundance, in cash, and expects to close this acquisition on Dec. 31. The company recently advised that it would be adding a new loan facility to its existing credit line in order to facilitate a planned $7-a-share special dividend. The company did not clarify whether it would draw on either of these credit lines to help finance the Sundance acquisition.
Air Methods shares were up 1.8% on the news, at $115.87.