Onex signs agreement to buy WestJet in deal valued at $5B, including debt

Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company

Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a transaction it valued at $5 billion, including assumed debt.

Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.

Shares in the airline closed at $18.52 on Friday.

WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline.

“I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created,” Beddoe said in a statement.

The deal comes after Onex approached the airline in March.

“WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years,” said Tawfiq Popatia, a managing director at Onex.

Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals.

WestJet’s board of directors has unanimously recommended shareholders vote in favour of the deal at meeting expected to be held in July.

The deal is expected to close in the latter part of 2019 or early 2020.

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Bachrach nominated by NDP for federal election

The Smithers mayor won on the first ballot with 446 of 797 votes

Giesbrecht found guilty of second-degree murder

Judge says murder is the only rational conclusion on the whole of the evidence

Woman struck by vehicle at Hwy 16 and Main

RCMP say they don’t yet have a status update on the individual’s condition

Fire ban back in effect for Northwest Fire Centre region

Starting May 24, both Category 2 and Category 3 prohibitions will be in place

Convicted animal abuser Catherine Adams to return to B.C. court in July

Catherine Adams is under a 20-year ban on owning animals, from a 2015 sentence in Smithers

Police say it’s “impressive” no arrests were made after Raptors celebrations

Toronto will play the Western Conference champion Golden State Warriors next

Greens call for ban on foreign oil imports, using Alberta oil instead

Conservative leader Scheer’s plan also calls for Canada to import no foreign oil by 2030

B.C. to be the ‘king of heat’ this summer: meteorologist

Higher wildfire and drought risks will come as a result of the heat

Ottawa should fund program providing drug-safety info to pregnant women: doctors

About 20 per cent of expectant moms have chronic drug issues

Social media giants in hot seat as politicians consider regulations in Ottawa

Committee members will also grill representatives from Facebook, Twitter

Wildfire crews watching for dangerous wind shift in High Level, Alta.

The Chuckegg Creek fire is raging out of control about three kilometres southwest of the town

UN urges Canada to take more vulnerable Mexican migrants from Central America

The request comes as the United States takes a harder line on its Mexican border

Mistrial declared in Jamie Bacon murder plot trial

Bacon was on trial for counselling to commit the murder of Person X

Most Read