Air Canada and Transat AT reach definitive arrangement agreement to merge companies

    Air Canada reached (27-Jun-2019) a definitive arrangement agreement with Transat AT to merge the two companies. Air Canada will acquire all outstanding shares of Transat for CAD13 (USD9.9) per share, with the all cash transaction valued at approximately CAD520 million (USD397 million). Air Transat and Transat brands will be maintained, while the Transat head office and key functions will remain in Montreal. The transaction, which is expected to be completed in early 2020, remains subject to regulatory and shareholder approvals, as well as other closing conditions. Air Canada president and CEO Calin Rovinescu stated the merger will deliver “excellent value, while also providing increased job security for both companies’ employees through greater growth prospects”. [more – original PR – English/French]