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- Shareholders of CHC Helicopter Corp. have voted overwhelmingly to accept a $3.7-billion takeover by First Reserve Capital Corp.

First Reserve agreed in February to pay $32.68 for each of CHC's class A and class B shares.

The company will also assume about $800-million in debt and includes the assumed liability associated with off-balance sheet aircraft leases, which the company said is to be about $1.4-billion or $1.5-billion.

The offer was a 49 per cent premium to CHC's closing price on the Toronto Stock Exchange Feb 21 of $21.88. On Tuesday, CHC shares closed up 2 cents at $31.73 on the Toronto Stock Exchange.

The company is hoping to close the deal by June, which was approved by more than 99 per cent of shareholders.

The proposed deal marks the end of an era for the company, founded more than 30 years ago by Craig Dobbin, who died in October, 2006, at 71. He was replaced by his son Mark.

In 2006, Craig Dobbin led the company to talks with private equity firms about a potential takeover that valued the company at about $1.3-billion. The talks later collapsed after the sides could not agree on price.

CHC is one of the world's biggest suppliers of flight services to the offshore oil and gas industry. It also offers helicopter leasing, logistics and repair and overhaul services through its Heli-One division.

First Reserve, with about $12.5-billion under management, is the largest private equity firm focusing exclusively on the energy industry.



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