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WestJet Has Been Sold for US$5 Billion to Onex

WestJet Has Been Sold for US$5 Billion to Onex

WestJet Airlines Ltd has entered into a definitive agreement that provides for its acquisition in an all-cash transaction. Under the terms of the agreement, Onex Corporation 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.

The purchase price represents a 67% premium to Friday’s closing share price and a 63% premium to WestJet’s 20-day volume-weighted average trading price. The transaction value is approximately US$5 billion including assumed debt.

Ed Sims, WestJet’s President and Chief Executive, said: “We are delighted to continue the journey of building an airline based on a growing network, providing competitive airfares and more choice to, from and within Canada, for communities large and small. Integral to this relationship is a commitment to our employees, and our unique ownership-driven culture.”

The investment will be led by Onex Partners, Onex’s private equity platform focused on larger investment opportunities.

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Michael Flood is the Editor of Ireland's leading travel industry publication, Irish Travel Trade News. With more than 35 years experience, he has accumulated an in-depth knowledge of the airline industry and the travel and tourism world.

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