Energy services provider Hunting said it had sold its Canadian airport business for seven-and-a-half million pounds.
Hunting Canadian Airport Holdings, which includes Field Aviation, has been bought by a consortium of North American investors put together by the current management team.
Hunting has agreed to defer £1.9m of the deal, which it will receive by the end of 2018 and on which it will earn interest at a rate of 8% a year in the meantime, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Hunting and the buyer have agreed to establish an environmental escrow account to pay for any potential environmental issues that may arise relating to Field Aviation's hangar facilities in Calgary.
The escrow account will remain in place until the property lease expires in 2027 or to a time when such environmental matters have been satisfactorily resolved, Hunting said.
On completion of the sale, Hunting will deposit £2.5m into this environmental escrow account.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published