Under an all-scrip agreement, the two companies plan to diversify their market and create a "financially stronger, publicly traded company" while growing their presence in key geographic regions.
The decision to merge came after a precarious period for Bristow Group, which emerged from Chapter 11 bankruptcy in October.
The combined company will hold an unparalleled fleet of more than 300 industry aircraft and remain headquartered in Houston, US, keeping the Bristow name.
In a dual statement on Friday the companies said one of the significant markets it would focus on would be Australia's oil and gas sector, as well as industries in the Americas and Europe.
Bristow currently supplies charter services for offshore workers across the North West Shelf in Western Australia and to the south in the Bass Strait in southern Australia.
Bristow is expected to achieve pro forma annual revenues of approximately US$1.5 billion and run-rate adjusted EBITDA of approximately $240 million.
It will also save around $34 million through the elimination of corporate expenses and efficiencies by merging.
Following completion, Era CEO Chris Bradshaw will become CEO and president of the monolithic company.
"The identified cost synergies are significant and, combined with the strong pro forma balance sheet and absence of capital commitments, support robust free cash flow generation," Era CEO Chris Bradshaw said.
"This merger achieves more efficient absorption of the significant fixed costs required to run an air carrier and better positions the combined company to manage industry challenges."
Further senior management appointments were not made at this stage.