On February 24, 2025, Exchange Income Corporation (TSX: EIF) announced its agreement to acquire Canadian North (Bradley Air Services Limited) for $205 million, funded through $10 million in EIC common shares and $195 million in cash from its credit facility. The acquisition successfully closed on July 2, 2025.

The deal expands EIC’s northern aviation footprint, integrating Canadian North’s services to 24 remote communities in Nunavut and the Northwest Territories, with hubs in Ottawa and Edmonton. It also adds charter services to resource clients in Alberta and British Columbia. The Montreal–Kuujjuaq route remains with Makivik Corporation.

Canadian North operates a fleet of 737 jets and ATR turboprops and maintains infrastructure in Iqaluit, Yellowknife, Ottawa, Edmonton, and Calgary. The acquisition complements EIC’s Calm Air operations in central Nunavut, enabling full territorial coverage across the North for the first time.

Though initial returns are expected to be below EIC’s typical thresholds, the company anticipates achieving target returns by the second year through increased operational efficiency. EIC also plans to continue community investments, employment opportunities, and programs such as the Atik Mason Indigenous Pilot Pathway.

Torys LLP advised EIC, while Norton Rose Fulbright Canada LLP represented Makivik and Canadian North.