Air Methods (Denver Centennial) has announced that it has entered into a definitive agreement to acquire Tri-State Care Flight (Bullhead City) for USD222.5 million. Under the transaction, which was recently approved by Air Methods' Board of Directors, Tri-State will become a wholly-owned subsidiary of Air Methods.
Air Methods expects to finance the acquisition through its credit facility, which was recently amended in August to provide for an additional USD400 million borrowing capacity. Subject to customary closing and regulatory conditions, the transaction is expected to close in 30 to 60 days.
Founded in 2002, Tri-State is a critical care transport provider servicing Arizona, New Mexico, Nevada, and Colorado with a fleet of AW109Es, AW119s, Eurocopter AS350s and Beech (twin turboprop) King Air B200s.
The acquisition follows Air Methods' recent buyout of San Antonio AirLIFE (San Antonio Lackland) for an undisclosed sum.
For its part, Air Methods Corporation's Air Medical Services Division is the largest provider of air medical transport services in the United States. The United Rotorcraft Division specializes in the design and manufacture of aeromedical and aerospace technology. The Tourism Division is comprised of Sundance Helicopters (Las Vegas Harry Reid) and Blue Hawaiian Helicopters (Kahului), which provides helicopter tours and charter flights in the Las Vegas/Grand Canyon region and Hawaii, respectively. Air Methods' fleet of owned, leased or maintained aircraft features over 450 helicopters and fixed wing aircraft.
