Labrador-based Universal Helicopters Newfoundland Ltd. is being sold to the Nunatsiavut Group of Companies.
While the financial value of the sale has not been released, it includes 18 helicopters and all of the business's other assets.
The 50-year-old company provides service across the province, and into the Canadian Arctic.
James Thorbourne, the president and CEO of the Nunatsiavut Group of Companies, said the deal will round out the group's business portfolio, which includes Air Labrador and CAI Nunatsiavut Marine.
"There are certainly competitors out there who have parts of all the assets that we do as well. But I think we will be the only entity that has, at our fingertips, all of those components, and that should bring some competitive advantage to our services," Thorbourne said.
"That, packaged together, is something no one else has in Newfoundland and Labrador. We see real value in offering that combined expertise to people wanting to do things in Newfoundland, Labrador, and the Arctic as well."
Thorbourne said there will be no changes to staffing or operations.
The sale is expected to be completed within two months.