WestJet to be acquired by Onex Corporation, transaction valued at USD3.7bn

WestJet announced (13-May-2019) Onex Corporation entered a definitive agreement to acquire all outstanding WestJet shares for CAD31 (USD23) per share, after which the airline will operate as a privately held company. The transaction value is approximately CAD5 billion (USD3.7 billion) and is subject to court and shareholder approval and receipt of certain regulatory approvals, including approval under the Canada Transportation Act. WestJet directors and executive officers also entered a voting support agreement, voting in favour of the transaction. The airline is permitted to continue paying its regular quarterly cash dividend until closing. The investment will be managed by Onex Partners. WestJet founder and chairman Clive Beddoe noted WestJet will remain headquartered in Calgary, adding: "Onex's aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future". [more - original PR]