CAE Completes the Acquisition of L3Harris Technologies' Military Training Business

CAE Completes the Acquisition of L3Harris Technologies' Military Training Business

The net proceeds from the private placements of C$700 million (approximately US$550 million) aggregate amount of subscription receipts issued by CAE to Caisse de dépôt et placement du Québec and GIC Private Limited were used to finance a portion of the purchase price of the acquisition as well as other related transaction costs.

Fremont, CA: CAE has formally concluded the previously announced acquisition of L3Harris Technologies' Military Training business for US$1.05 billion subject to customary adjustments (the "Acquisition"). As declared earlier this week, all regulatory approvals were achieved and now all other closing conditions have been met.

As previously declared, the net proceeds from the private placements of C$700 million (approximately US$550 million) aggregate amount of subscription receipts issued by CAE to Caisse de dépôt et placement du Québec and GIC Private Limited were used to finance a portion of the purchase price of the acquisition as well as other related transaction costs. Following the completion of the acquisition, the common shares of CAE issuable under the 22,400,000 subscription receipts were automatically issued on a one-for-one basis through the facilities of CDS Clearing and Depository Services Inc. in line with the provisions of the subscription receipts.

The subscription receipts and the common shares of CAE have not been, and would not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States or province of Canada and also may not be sold, offered or delivered, directly or indirectly, within the United States or to U.S. persons or in Canada except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable state or Canadian securities laws.

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