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First Reserve eyes up to $529m from IPO of helicopter services business CHC

6 Jan 2014

CHC helicopterUS private equity major First Reserve Corp hopes to raise up to $529m by dropping its stake in the world’s largest commercial helicopter service provider CHC through an IPO.

First Reserve is eyeing between $16 and $18 per share through the public listing, which will see its stake in the Canada-headquartered business drop to 61.3 per cent.

Hitting the $18 mark for the shares would see the business valued at $1.37bn.

First Reserve agreed to buy CHC in 2008 in an all-cash deal which valued the company at C$3.7bn.

CHC provides helicopter services to the offshore oil and gas industry, which ties in with First Reserve’s wider strategy of investing in energy deals.

Last month First Reserve promoted two executives in its buyout team as it continued fundraising for up to $7.5bn across two new vehicles.

Gary Reaves was made a managing director and Will Brown a director after seven years at the firm.

First Reserve is currently targeting $5bn for its latest flagship fundraise, well below the $9bn it gathered for First Reserve XII in 2009.

It is also looking to collect up to $2.5bn for a second dedicated infrastructure fund according to filings with the US securities regulator.

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