Tuesday, 25 June 2019

Onex gets approval for its buyout of WestJet

Photo WestJet
WestJet Airlines confirmed today that Onex Corporation has received approval from the Minister of Transport (Canada) on the basis that the proposed acquisition of WestJet by Onex does not raise public interest issues as related to national transportation.

WestJet and Onex entered into a definitive agreement on May 12th, 2019, for the proposed acquisition of WestJet by Onex under a deal that will see the investment corporation pay $31.00 for each share of the Canadian airline.

Ed Sims, WestJet President and CEO said, "We welcome the decision by the Minister of Transport, and we will continue to cooperate with the necessary authorities on the remaining regulatory approvals."

The Arrangement is still subject to other conditions to closing including other regulatory approvals, approval by the security holders of WestJet at a special meeting to be held on July 23, 2019 and final approval of the Arrangement by the Court of Queen's Bench of Alberta.

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