Madison Industries Holdings LLC entered into a definitive agreement to acquire CAE Healthcare, Inc. from CAE Inc. (TSX:CAE) for approximately $230 million on October 24, 2023. The enterprise value is subject to customary adjustments. Closing of the transaction, which is subject to closing conditions, including customary regulatory approvals. Transaction is expected to close before the end of fiscal year 2024. National Bank Financial Inc. acted as a financial advisor to CAE Inc. Steve Camahort, Brian Richards, Charles Patrizia, Eric Keller, Suzanne Horne, Jim Smulkowski, Aaron Charfoos, Michael Wise, Todd Schneider and Randall Johnston of Paul Hastings LLP is acting as legal advisor to Madison Industries. Peter Riddell, Stephen J. Kelly, Nicolas Labrecque, Alexandra Persaud, Antonino Gentile, Stefanie Thibert, Jenna Albanese, Stephanie Fontana, Léa De Santis, Derek G. Chiasson, Nikita Stepin, Martin Masse, Erika Woolgar, Christine Duguay, Nadia Guizani, Alexis-François Charette and Roxanne Caron of Norton Rose Fulbright Canada LLP acted as legal advisor to CAE Inc.

Madison Industries Holdings LLC completed the acquisition of CAE Healthcare, Inc. from CAE Inc. (TSX:CAE) on February 16, 2024. The transaction is subject to customary adjustments.