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

Latest round of Columbia River Treaty talks wrap up in Cranbrook

Federal, provincial, U.S. and Indigenous representatives recently met for eight round of discussions

First Nations given max compensation for Ottawa’s child-welfare discrimination

2016 ruling said feds didn’t give same funding for on-reserve kids as was given to off-reserve kids

Come run for Terry this Sunday

Terry Fox Run in Invermere raises funds for cancer research

Council rejects water bottling plant in current spot

Cites possibility to having facility built at another location in the village

Climate change website launched by Selkirk College and Columbia Basin Trust

The site features climate information for communities in the Columbia Basin and boundary region

VIDEO: Liberals make child care pledge, Greens unveil platform on Day 6 of campaign

Green party leader Elizabeth May unveils her party’s platform in Toronto

Canucks sign Brock Boeser to three-year, US$17.6-million deal

Young sniper will be in Vancouver Tuesday

B.C. forest industry looks to a high-technology future

Restructuring similar to Europe 15 years ago, executive says

RCMP conclude investigation into 2017 Elephant Hill wildfire

Files have been turned over to BC Prosecution Service

B.C. wants to be part of global resolution in opioid company bankruptcy claim

Government says settlement must include Canadian claims for devastation created by overdose crisis

B.C. ends ‘birth alerts’ in child welfare cases

‘Social service workers will no longer share information about expectant parents without consent’

U.S. student, killed in Bamfield bus crash, remembered as ‘kind, intelligent, talented’

John Geerdes, 18, was one of two UVic students killed in the crash on Friday night

Driver of RV in Hosmer collision reported in stable condition

Collision occurred in Hosmer on September 5 and involved a semi truck, an RV and a school bus

Free Tesla 3 offered with purchase of Surrey townhome

Century Group’s offer for Viridian development runs through Oct. 31

Most Read