Erickson Air-Crane (EAC +8.9%) soars after saying it will acquire Air Amazonia, six aircraft,...

|About: Erickson Air-Crane (EAC)|By:, SA News Editor

Erickson Air-Crane (EAC +8.9%) soars after saying it will acquire Air Amazonia, six aircraft, and ground facilities in a deal the company says will be "significantly and immediately accretive." EAC will pay $23M up front and $3M within the first year. The company will also enter into a five-year aerial services contract with Air Amazonia's previous parent company in a deal that should bring in at least $29M/ year in revenue. EAC's last acquisition was criticized by SA contributor Richard Pearson for its alleged connection to ZM Funds' $120M in second lien debt from Evergreen Helicopter. (PR)