Onex and Westjet have entered into definite agreement to buy Westjet airlines, in a transaction valued at $5 billion.
In deal announced today, Onex will buy all outstanding shares of Westjet for $31.00 per share, after which WestJet will operate as a privately-held company.
The deal is expected to close in the latter part of 2019 or early 2020.
Calgary based WestJet is one of Canada’s strongest brands and it began as a low-cost alternative to the country’s competing major airlines. Today it has 14,142 employees serving more than 100 destinations with a fleet of 184 aircraft.
Toronto based, Onex Corporation is a private equity and credit investor and manager, which manages approximately US$31 billion of assets.