The parent companies of Canadian North have entered into an agreement to sell the airline.

that it was entering into an agreement with Makivvik Corp. and the Inuvialuit Regional Corporation to purchase Bradley Air Services Ltd., the legal name of Canadian North, for $205 million. It's a cash and stock deal with $10 million of EIC common shares and $195 million in cash changing hands.

Makivvik announced the deal , while the IRC made its own announcement on social media.

The deal is still tentative as it's subject to "regulatory approvals" and other closing conditions, according to a release from EIC.

SA国际影视传媒淲e love the North and have become a leading operator in this unique region over many years," stated Mike Pyle, EIC's chief executive officer. "Canadian North will be a natural fit with our other northern air operators."

EIC already owns Calm Air, which services central Nunavut, and Keewatin Air.

In its release, Makivvik stated that the sale wouldn't have an immediate impact on the airline's current operations with service operating as normal.

"Having a strong parent company with roots in Northern aviation is critical to our success," stated Shelly De Caria, Canadian North's president and chief executive officer. "We are looking forward to being part of the EIC family, knowing they are committed to investing in Canadian North to deliver exceptional services and to further grow our business."

Canadian North merged with First Air in 2019 to become one airline.