LAFAYETTE, La. (AP) — Lafayette-based helicopter company PHI Inc. says it will acquire the offshore helicopter operations of Montreal-based HNZ Groups as it expands its international reach.

In a joint news release, the companies say HNZ president and CEO Don Wall plans to acquire all of the company's stock and PHI will acquire HNZ's offshore business in New Zealand, Australia, the Philippines and Papua New Guinea from Wall.

HNZ shareholders will get $18.70 in Canadian dollars per share, or 43 percent of Monday's closing price. The deal is anticipated to close by the end of January, based on shareholder and court approval.

PHI operates more than 230 aircraft in over 85 locations worldwide. HNZ Group Inc. provides helicopter transportation and related support services in Canada, Australia, New Zealand, Antarctica, the U.S. and Southeast Asia.