Bridger Aerospace Group Holdings, Inc. (NasdaqGM:BAER) entered into a definitive purchase agreement to acquire Bighorn Airways, Inc. from Robert Eisele and Christopher Eisele for $39.3 million on July 21, 2023. The aggregate consideration for the transaction is $39.25 million, with $14.75 million payable in unregistered shares of Bridger?s common stock and the remainder payable in cash. The total number of shares of Common Stock issuable to the Bighorn Sellers at the closing of the Bighorn Acquisition is 2,219,467. As on October 17, 2023, Bridger announced the commencement of a proposed underwritten public offering of $70 million, Bridger intends to use the net proceeds of the offering to finance the cash purchase price of Bighorn Airways, Inc.
Consummation of the transaction is subject to the satisfaction or waiver of customary closing conditions and is expected to close by the end of September 2023. As of September 20, the closing of the transaction is anticipated in 2023.
Parr Brown Gee & Loveless PC and Codie D. Henderson of Davis & Cannon, LLP are the legal advisors to the sellers and Bighorn Airways.