Bridger Aerospace Announces Pending Closure Of Spanish Scooper Transaction
Portfolio Pulse from Benzinga Newsdesk
Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER, BAERW) has entered into a joint venture partnership with Marathon Asset Management LP and Avenue Sustainable Solutions Fund to purchase four Canadair CL-215T Amphibious Aircraft from the Spanish government for €40.3 million. The acquisition is expected to close in ten business days and is seen as a strategic move to expand Bridger's customer base and create substantial revenue and cash flow growth. Bridger will manage the upgrades of the planes and has the right to acquire them sequentially as they are ready for service, with the first two expected to be operational by Summer 2024 in the EU.
November 21, 2023 | 1:10 pm
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Bridger Aerospace's joint venture to acquire four Canadair CL-215T Aircraft positions the company for revenue growth and international expansion, with the first two aircraft expected to be operational by Summer 2024.
The acquisition of the Canadair CL-215T Aircraft is a significant strategic move for Bridger Aerospace, indicating potential for revenue growth and international expansion. The partnership with Marathon Asset Management LP and Avenue Sustainable Solutions Fund mitigates immediate financing needs, which could be viewed positively by investors. The news is likely to have a positive short-term impact on BAER's stock price, as it demonstrates proactive steps towards growth and operational readiness by Summer 2024.
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