FLYHT Aerospace Solutions to be Acquired by Firan Technology Group

FLYHT Aerospace Solutions Ltd. has announced its acquisition by Firan Technology Group Corporation in a deal valued at approximately CAD$13.2 million. This transaction offers FLYHT shareholders a choice between cash or shares, with a 41% premium on the share price. The acquisition, executed through a court-approved plan, will result in FLYHT becoming a wholly-owned subsidiary of FTG.

The deal allows FLYHT to speed up its AFIRS Edge commercialization, a notable innovation in wireless aviation technology. FTG aims to leverage this acquisition to bolster its aftermarket sales in the commercial aerospace sector and enhance its alliance with Airbus.

The transaction is set for completion in the fourth quarter of 2024, pending regulatory and shareholder approvals. A special meeting will be convened for FLYHT shareholders to approve the arrangement.