Canada's second-biggest carrier, WestJet Airlines Ltd, on Monday accepted a...
- Canada’s second-biggest carrier, WestJet Airlines Ltd, on Monday accepted a C$3.5 billion cash buyout offer from private equity group Onex Corp, sending the carrier’s shares surging 63% in Toronto trading.
Air Canada Chief Executive Calin Rovinescu declined to comment on the latest deal, telling Reuters “it’s business as usual,” on the sidelines of the Air Transport Action Group conference in Montreal. Air Canada shares jumped 5.5 percent, while the broader Canadian stock index was down 1%.Last week, low-cost Latin American airline Viva Air received a $50 million investment from U.S. capital fund Cartesian Capital Group that it will direct toward expansion.
The deal is subject to a number of conditions, including court and shareholder approval and receipt of certain regulatory approvals, including under the Canada Transportation Act.“We do not believe this transaction dramatically alters the competitive landscape, at least negatively,” Canaccord Genuity analyst Doug Taylor said.
The deal, which has a value of $5 billion including debt, is expected to close in the latter part of this year or early next year. CIBC Capital Markets and BofA Merrill Lynch were the financial advisers to WestJet, while Barclays, Morgan Stanley and RBC Capital Markets advised Onex.
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