St. John’s-based Bluedrop Performance Learning has entered into an agreement with Halifax-based Atlantis Systems to indirectly acquire all of the issued and outstanding common shares of Atlantis for CDN$1.0 million.
The exact per-share price to be paid to Atlantis shareholders will be based on the total number of Atlantis shares issued and outstanding immediately prior to close of the deal in late December. Over 66% of Altantis shares are currently held by ComVest, which has agreed to irrevocably vote its shares in favour of the arrangement.
Atlantis is a full-service training provider focused on mission critical training for defence and aerospace, with clients such as Allied Wings, CAE, Calian, Sikorsky, Lockheed Martin and the Department of National Defence.
“This is a transformational transaction for Bluedrop and our shareholders. Adding Atlantis’ strong history in simulation and dedicated employees, and integrating Atlantis’ customers and operations into Bluedrop, will
create a new force in the Canadian training and simulation marketplace,” said Emad Rizkalla, Bluedrop’s founder and CEO.
“This strategic union will enhance the companies’ competitive positioning in an evolving market, creating new growth,” added Ken Howard, CEO of Atlantis. “Atlantis brings over 35 years of legacy training solutions and strong customer relationships and together with Bluedrop we are excited about bringing our combined capability to market.”