Chorus Aviation Completes SkyCare Air Ambulance Acquisition for About C$40 Million
Key Facts
Chorus Aviation announced it has completed its acquisition of SkyCare Air Ambulance, in a deal with total consideration estimated at about C$40 million, according to the company’s announcement when the agreement was reached. SkyCare provides medical transport, repatriation, organ transport and charter services in Canada and the United States. Its business combines patient transport with specialized aviation missions, while the closing announcement does not specify any new operating arrangements between the two companies. When it announced the agreement, Chorus said the deal was expected to add to earnings and free cash flow immediately upon completion. The transaction has now moved from an announced agreement to closing, with the expected financial impact remaining tied to the company’s estimate.
Chorus announced on October 19 that SkyCare was the largest privately operated fixed-wing air ambulance operator in Northern Ontario. The company operated a fleet of 22 aircraft, including turboprop planes and business aircraft equipped for air ambulance and other specialized missions. It also said it had about 220 employees at its bases in Sioux Lookout, Thunder Bay and Kitchener in Ontario, and St. Andrews in Manitoba. These bases give the company an operating presence in two Canadian provinces, while its services also include flights in the United States. SkyCare generated about C$48 million in revenue in 2025, according to its unaudited financial statements cited by Chorus when it announced the agreement.
The announced total consideration of about C$40 million is the estimated value of the deal, subject to customary adjustments and including contingent consideration. The acquisition was funded with C$32 million in cash, with the remaining amount payable no later than March 31, 2029, subject to the achievement of performance targets. This arrangement means part of the consideration is deferred and conditional, rather than the full value being paid in cash at closing. The closing announcement did not detail the value of the remaining amount or the performance conditions governing its payment. Chorus had described the deal when it was agreed as expected to enhance earnings and free cash flow from closing.
SkyCare has longstanding ties to Ornge, and Chorus says the relationship helps support regional medical transport in Ontario. The acquisition adds to the Chorus group a business that provides medical transport, repatriation, organ transport and charter services, according to its description of SkyCare’s services. The group’s companies operate in regional aviation, specialized aviation, aircraft parts distribution, training and engineering. Chorus says its companies’ services span multiple stages of an aircraft’s life cycle, from maintenance and modification to leasing and training. This provides context on the wider group, while the deal announcement did not attribute the provision of end-to-end medical logistics services to the acquisition alone.
As part of its investment plans, Chorus expects to generate free cash flow and net proceeds from aircraft sales of between C$500 million and C$550 million during 2026-2029. It said these resources support growth opportunities targeting an unlevered return in the mid-teens percentage range. In its previous results, the company posted net income of C$13.8 million in the second quarter of 2026, compared with C$32.4 million in the same period of 2025. By contrast, adjusted net income rose to C$19.1 million from C$14.1 million. Chief Executive Colin Copp said strong second-quarter results were supported by a solid balance sheet and continued execution across the company’s businesses.
Chorus is scheduled to report its third-quarter 2026 results on November 10 and hold an analyst conference call at 9 a.m. Eastern time. The date follows the announcement that the acquisition has closed, giving the company an opportunity to present its next quarterly results. The results-date announcement did not specify whether Chorus would provide a dedicated update on SkyCare during the call. The company had tied its expectations for the acquisition’s impact to the closing date, saying it would immediately enhance earnings and free cash flow. The third-quarter results announcement remains the next scheduled milestone in the company’s disclosures.