Yellowknife (Apr 19/06) - One of the North's largest helicopter companies may soon been under the wing of an Ontario firm.

John Buckland, operations manager at Great Slave Helicopters, sits on a Eurocopter in the hanger. Owners of the company have agreed in principle to sell their shares to Discovery Air, a London, Ont.-based company.

Great Slave Helicopters and Discovery Air of London, Ont., have reached an agreement in principle, said David Taylor, Discovery president.

The deal would allow his firm to purchase all issued and outstanding shares from Great Slave's owners. In return Great Slave Helicopters would receive an undisclosed amount of cash and newly issued shares of Discovery Air.

"Great Slave Helicopters is a perfect example of a niche aviation business," said Taylor, adding his company is attempting to purchase a number of aviation businesses and consolidate them into a well-run group.

"Being part of a larger group means more access to money and more jobs," he said.

Taylor said the current management structure will remain in place and no jobs will be moved.

"There may in fact be more jobs in the North for Great Slave Helicopters," said Taylor, pointing to the potential Mackenzie Valley pipeline as a boom for Northern fleets if it goes ahead.

No finalized price for the purchase of the shares has been set.

Discovery Air will continue to look for niche aviation businesses throughout Canada.

"A half-dozen helicopter and fixed wing companies come to mind," said Taylor.

Great Slave Helicopters was unavailable for comment at press time.

As of last year, the Yellowknife company operated a fleet of more than 50 helicopters and along with joint-venture partners employed about 105 people - 50 pilots, 45 engineers and 15 support workers.