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VANCOUVER, British Columbia (AP) - A U.S. private equity fund will buy CHC Helicopter Corp. for 1.5 billion Canadian dollars ($1.48 billion) in what the companies described Friday as the largest oilfield services buyout ever.
First Reserve Corp., a private equity firm that invests in energy companies, said CHC's board unanimously approved the all-cash deal.
"This transaction will mark the beginning of an exciting new phase in CHC's history," CHC President and Chief Executive Sylvain Allard said in a conference call Friday. "I am delighted that First Reserve was able to recognize the value CHC has created over the years."
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