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

Community pride prevalent in Sports Wall of Fame inductions

Class of 2019 members bring out many emotions, memories

Chemainus volleyball teams disappointed with final results

Cougars can still take great pride in their improvement at the senior and junior levels

Osborne Bay Pub fans’ love affair with Daponte knows no bounds

Entertainer always brings joy to her Crofton audience

Updated – Firefighters contain Chilco Road garage fire in Crofton

About 15 Crofton and Chemainus Fire Department members on the scene

Board of Education returns Spilsbury as board chair

Executive member votes conducted every year within trustees’ four-year terms

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

Salvation Army kettle campaign targets $200,000 for Island residents in need

Goal is to raise $250,000 this year for Vancouver Island residents needing support

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Port Alberni rallies for mill workers

Fundraisers helping ease the sting of five months without work

Island student lobbies school board for dress code consistency

Jaylene Kuo contacted school trustees after seeing dress guidelines at brother’s school

Most Read