Primark Corp. of McLean said yesterday that it has completed its $130 million acquisition of Aviation Group Inc. of North Carolina following approval of a merger agreement at an Aviation Group shareholder meeting. The move is part of Primark's bid to expand its varied holdings in the nation's service industry.
Aviation Group, which is now a wholly owned subsidiary of Primark, is an air cargo and aircraft operations firm with about $73 million in annual revenue. It is based in Raleigh, N.C.
Primark is a diversified energy and financial services holding company, which owns Michigan Consolidated Gas Co., a natural-gas distribution company serving about 1 million residential and commercial customers in Michigan; Primark Leasing Corp., which leases gas storage facilities; Hospital Satellite Network Inc., a telecommunications and information service for the health-care industry and Primark Financial Serivces.
Prior to the meeting, Primark, which is based in McLean, had acquired more than 96 percent of Aviation Group's $5.6 million shares of common stock in a tender offer that was supported unanimously by the boards of directors of both companies. As a result of the merger, shares not previously tendered have been converted into a right to receive $23 cash per share.