WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion.
According to the airline, under the terms of the agreement, Onex and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company.
“Since our first flight in 1996, WestJet has been singularly focused on providing better options for the Canadian travelling public and this transaction retains that commitment,” said Clive Beddoe, WestJet’s Founder and Chairman, in a statement.
Today we announced we have entered into a definitive agreement that provides for our acquisition in an all-cash transaction. Read the full release here: https://t.co/oN87D2Iod2 pic.twitter.com/Bhf7nITLgg
— WestJet (@WestJet) May 13, 2019
“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. Onex’ aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future.”
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Tawfiq Popatia, a Managing Director at Onex, said that the company is “thrilled” to be partnering with WestJet.
“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. WestJet is renowned internationally for its unparalleled guest experience and employee culture,” said Popatia.
Since 1996, along with WestJet’s regional airline, WestJet Encore, the airline offers service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through their airline partnerships.