Canadian North to be purchased by Exchange Income Corp.

Published: 2025-02-24 18:49:05 ET EIF.TO

WINNIPEG - Exchange Income Corp. has entered into an agreement to buy Canadian North.

The northern airline is set to be purchased for $205 million.

Canadian North provides passenger and cargo service to 24 remote Canadian Arctic communities in Nunavut and the Northwest Territories through Ottawa and Edmonton, as well as dedicated charters in northern Alberta and B.C.

Exchange Income's subsidiary Calm Air services the central region. It says the acquisition means it will be able to service all the regions in the Far North.

The acquisition will exclude the route between Montreal and Kuujjuaq, which will be maintained by Makicik Corp.

Canadian North has been grappling with challenges including a pilot shortage and a lack of government funding.

This report by The Canadian Press was first published Feb. 24, 2025.

Companies in this story: (TSX:EIF)