Onex's Buyout Of WestJet Receives Regulatory Approval
Anna Kroupina, Open Jaw
Onex Corporation's bid for WestJet Airlines has received approval from Canada's Minister of Transport, Marc Garneau, on the basis that the proposed acquisition does not raise public interest issues as related to national transportation.
WestJet and Onex entered into a definitive agreement on 12MAY, 2019, in which the investment management company proposed to purchase WestJet for $5 billion including assumed debt. Under the terms of the agreement, Onex Corporation would acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company.
"We welcome the decision by the Minister of Transport, and we will continue to cooperate with the necessary authorities on the remaining regulatory approvals," said Ed Sims, WestJet President and CEO.
The transaction is still subject to regulatory approvals, approval by the securityholders of WestJet at a special meeting on 23JUL, 2019, and final approval by the Court of Queen's Bench of Alberta.
Anna Kroupina Journalist
Anna is OJ's newest member and she joins the team as a writer/reporter. She co-writes the daily news and covers events. Although she's new to the industry, pursuing a career path in travel/tourism has been a goal since her first family road trip to the Florida Keys sparked a desire to discover the world and this exhilarating, fast-paced industry.