CALGARY – Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal valued at $5 billion, including assumed debt.
Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.
WestJet shares 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
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
In Calgary, where the airline is headquartered, it’s business as usual as employees came to work on Thursday morning.
The company is scheduling a meeting with shareholders at 11:00 a.m.
The Calgary International Airport emailed a statement saying “As an airport, we will continue to support WestJet – as we do all airline partners – for our mutual success.”
The deal comes after Onex approached the airline in March.