GN declines option to buy minority stake in Canadian North

The Government of Nunavut will not become a minority owner of Canadian North after concluding it can meet its air transportation objectives without purchasing an equity stake in the airline.

The decision, announced by the GN in a Wednesday news release, ends a year-long review of an option negotiated as part of the territory’s 10-year Commercial Airline Travel Services Agreement with Winnipeg-based Exchange Income Corp.

In its statement, the government said it found that providing “reliable, affordable, transparent, and sustainable air services” for Nunavummiut can be achieved in other ways.

Exchange Income Corp., which owns Canadian North, bought the company from Makivvik Corp. and Inuvialuit Regional Corp. for $205 million in February 2025.

The option for the GN to buy in was negotiated when the agreement was signed last July. The government had one year to decide whether buying a minority interest in the airline would help advance the territory’s long-term transportation goals.

Premier John Main declined to comment on this story. Transportation and Infrastructure Minister George Hickes was unavailable.

The decision does not affect the existing 10-year agreement, which covers government-funded medical travel, family services travel, duty travel and freight services throughout Nunavut, the release said. 

The government also said it will work with Exchange Income Corp. to improve the air transportation in Nunavut.

“This speaks to the trust the Government of Nunavut has in EIC to deliver this essential service to their constituents,” the company said in a statement Wednesday.