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

Ridge Jr. B Flames making additions

Four players sign, two coaches join mix.

UPDATE: Two-vehicle incident on Abernethy Way, Maple Ridge

Road near 227th Street reopens in both directions.

Maple Ridge elementary protest to protect against climate change

Grade 7 Albion students march in front of municipal hall.

Maple Ridge teacher celebrated as inclusive education champion

Carissa Keenan teaches at Harry Hooge elementary.

Haney Rotary ups bursary amounts

Total is $19,000 this year, up from $11,000 in 2018.

B.C.’s fight to regulate bitumen through pipelines to go to Canada’s top court

BC Appeal Court judges found B.C. cannot restrict bitumen flow along Trans Mountain pipeline

Burnaby facility to dispose of 1,500 tonnes of Canada’s trash from Philippines

All 103 containers will be disposed of properly within Canada before the end of the summer

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

Man wants guilty plea revoked in 2012 collision in Abbotsford that killed Chilliwack woman

Michael Larocque was charged in relation to crash that killed Eileen Kleinfelder

High-risk sex offender released into Surrey

Earon Wayne Giles, a Newton “tag-team rapist,” was released from prison Friday and is now living in Surrey

Vancouver woman sexually assaulted after man follows her home; suspect at large

Police are looking for an Asian man in his 40s after the incident on Vancouver’s east side.

B.C. man, 30, arrested for driving his parents’ cars while impaired twice in one day

The Vancouver-area man was arrested after officers caught him driving impaired twice in one day

UPDATE: Vancouver man dies after crash between motorcycle, transport truck

Police believe speed was a factor in Thursday collision

Trial slated to start Monday for accused killer of Abbotsford cop

Oscar Arfmann faces first-degree murder for death of Const. John Davidson

Most Read