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

UPDATE: Man in his 20s in hospital following shooting in Abbotsford

Incident takes place Tuesday night in 31700 block of South Fraser Way

Kids get free pizza for breakfast, thanks to Abbotsford restaurant

Pizza Garden holds giveway on Thursday, Oct. 24

Westbound Highway 1 crash in Langley

Collision occurred just past 264th Street, left lane is blocked

Abbotsford Police officer exchanged ‘inappropriate messages,’ says report

Office of Police Complaint Commissioner releases annual report

Raptors Bling: NBA champions receive their rings in pre-game ceremony

There are over 650 diamonds — at a weight of 14 carats — in the 14-karat yellow gold ring

15 Canadian youths to sue Ottawa for not acting on climate change

They say young people will be more affected than other groups

Faster response may have prevented fatal outcome at B.C. trampoline park

Coroner’s report rules Greater Victoria father Jay Greenwood’s death accidental

Police watchdog investigates early morning fatality in Langley

Man died at scene following struggle with RCMP officers

Homicide team deployed in Coquitlam

Integrated Homicide Investigative Team investigating near Seaton Avenue, Ducklow Street

100-pound pumpkin stolen a second time from B.C. business

According to security footage, a man and woman took the pumpkin on Oct. 20 at 8:20 p.m.

More than 100 ‘luxury’ dog outfits stolen from Surrey woman’s vehicle

Kathy Neumeyer says 100-plus dog sweaters and raincoats were nicked from her SUV last week

Greta Thunberg declines invitation to Victoria due to time, not ferry emissions

Thunberg confirmed that she will be joining a climate strike at the Vancouver Art Gallery on Friday

Feds decriminalizing drugs possible if Jagmeet Singh pushes for it, expert says

National pharmacare was one of Singh’s most highly-touted platform policies

Most Read