January 24, 2020 / 11:41 AM / 25 days ago

BRIEF-Bristow And Era To Merge, Forming A Larger, More Diverse And Financially Stronger Global Industry Leader

Jan 24 (Reuters) - Era Group Inc:

* PRESS RELEASE - BRISTOW AND ERA TO MERGE, FORMING A LARGER, MORE DIVERSE AND FINANCIALLY STRONGER GLOBAL INDUSTRY LEADER

* ERA GROUP INC - TRANSACTION WILL BE STRUCTURED AS A REVERSE TRIANGULAR MERGER

* ERA GROUP INC - ERA WILL ISSUE SHARES TO BRISTOW STOCKHOLDERS

* ERA GROUP INC - EXPECTED TO ACHIEVE PRO FORMA ANNUAL REVENUES OF APPROXIMATELY $1.5 BILLION AND RUN-RATE ADJUSTED EBITDA OF APPROXIMATELY $240 MILLION

* ERA GROUP INC - BRISTOW SHAREHOLDERS WOULD OWN 77% OF EQUITY OF NEW COMPANY AND ERA SHAREHOLDERS WOULD OWN 23%

* ERA GROUP INC - CHRIS BRADSHAW, PRESIDENT AND CEO OF ERA, WILL BECOME PRESIDENT AND CEO OF COMBINED COMPANY

* ERA GROUP INC - COMBINED CO WILL HAVE A NINE-MEMBER BOARD OF DIRECTORS, INCLUDING SEVEN MEMBERS FROM BRISTOW & TWO MEMBERS FROM ERA, INCLUDING CEO

* ERA GROUP INC - CHAIRMAN & VICE-CHAIRMAN OF BOARD OF DIRECTORS WILL BE APPOINTED BY BRISTOW

* ERA GROUP INC - SEES SUBSTANTIAL COST SYNERGIES WITH ANNUALIZED SAVING OF AT LEAST $35 MILLION FROM DEAL

* ERA GROUP INC - FOLLOWING COMPLETION OF TRANSACTION, COMBINED CO WILL BE HEADQUARTERED IN HOUSTON, TEXAS

* ERA GROUP INC - COMBINED CO WILL HAVE A NINE-MEMBER BOARD OF DIRECTORS, INCLUDING SEVEN MEMBERS FROM BRISTOW AND TWO MEMBERS FROM ERA, INCLUDING CEO

* ERA GROUP INC - IN CONNECTION WITH ENTRY INTO MERGER AGREEMENT, AUTHORIZED SPECIAL STOCK REPURCHASE PROGRAM FOR PURCHASE OF UP TO $10 MILLION OF ITS SHARES Source text for Eikon: Further company coverage:

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