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WestJet shareholders to receive $31.00 per share in cash; Acquisition recognizes and continues WestJet's industry-leading commitment to guest experience and employee culture All amounts in Canadian dollars unless otherwise stated . Meanwhile, Encore pilots have voted in favour of a five-year agreement that runs until Jan. 1, 2024, and WestJet pilots agreed to a settlement process last May. WestJet and Onex say the payment won't be made because the deal has closed before Dec. 18. ... Trump kept regular schedule after learning close aide Hope Hicks had COVID. Onex is buying WestJet in $5 billion deal — and taking it private Back to video WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline. Twenty years ago it teamed up with American Airlines parent company AMR Corp. in a hostile $1.8-billion bid plus the assumption of debt to acquire and merge Canadian Airlines and Air Canada. Canadian private equity firm Onex bought Calgary-based WestJet Airlines, paying a 67% premium to Friday’s closing share price.Under the agreement, Onex will pay $31.00 per share for WestJet. With files from Tiphanie Roquette, The Canadian Press. "WestJet was generally well-funded and was already embarking on a large and highly competitive expansion plan. The closing comes following the final regulatory approval by the Canadian Transportation Agency. We reserve the right to close comments at any time. Onex Corp. announced Wednesday it has officially taken over the Calgary-based company for $5 billion including assumed debt. Soaring fuel costs, labour unrest, and steep competition at home and abroad caused the airline to incur its first loss in 13 years during the second quarter of last year. According to reports from the Globe and Mail, this deal will close later this year or in 2020. The deal is also subject to other regulatory approvals and approval of WestJet shareholders at a meeting July 23. Calgary Mayor Naheed Nenshi took a slightly more skeptical position. We didn't recognize that password reset code. The two companies announced Monday morning that a definitive agreement had been reached for the all-cash transaction, which is expected to close later this year or early 2020. The company says it manages $31 billion in assets. "They made it very clear to me that they have made a commitment to retain all of the jobs at WestJet … most of which are located in Alberta.". Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals. Under the agreement announced on Monday, Onex will pay $31 per share for WestJet, . . Garneau’s approval is one of the conditions for the deal to close. The all-cash deal between the two companies will see Onex Corporation pay $31 per share. Comments on this story are moderated according to our Submission Guidelines. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. "Private equity firms buy companies for one of three reasons: cut costs, grow the business, or restructure the industry. Please confirm the information below before signing up. This isn't Onex's first attempt to acquire an airline. WestJet says it has agreed to be acquired by Onex Corp. and will become a private company in a transaction valued at $5 billion including debt. Onex, a private equity firm based in Toronto, approached the airline in March. Under the terms of the deal announced in May, Onex’s acquisition of WestJet is set to close later in 2019 or early next year. Union chair Captain Dave Colquhoun said he first heard about the sale in a meeting Monday morning. "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," said Tawfiq Popatia, a managing director at Onex. We've sent an email with instructions to create a new password. "We don't anticipate that they're going to change the strategy that our company's already embarked on.". CBC's Journalistic Standards and Practices. WESTJET TO BE ACQUIRED BY ONEX . This guy is not someone who has a string of failures behind his name.". Onex Corporation takes WestJet private for $5 billion In a stand-out private equity deal and another massive acquisition of an airline, Onex Corporation took ownership of WestJet Airlines Ltd. Onex – the investment manager with $38 billion in assets under management … It'll be the first thing Onex cuts -- or, to be more specific, sells off (the new owner will, of course, kill it). Will the WestJet deal, which is expected to close later this year or in early 2020, add to Onex’s allure? More than 92.5 per cent of the votes cast at the special meeting were in favour of the proposed deal, the company said in a statement. The deal is expected to close in the latter part of 2019 or early 2020 and is subject to shareholder, court and regulatory approvals. The two companies said the deal, worth about $5 billion including debt, will likely close in the second half of 2019 or early 2020. Shares in WestJet soared more than 60 per cent when markets opened Monday after the deal was announced. {* traditionalSignIn_signInButton *}, {* backButton *} Under the terms of the cash deal, Onex will acquire all outstanding WestJet shares for $31 per share, which represents a 67 per cent premium to Friday’s closing share price. A pilot taxis a Westjet Boeing 737-700 plane to a gate after arriving at Vancouver International Airport in Richmond, B.C., on Monday, Feb. 3, 2014. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Goldman Asset sees a Brexit deal but the good news ends there. Please check your email and click on the link to activate your account. Onex Corp. announced Wednesday it has officially taken over the Calgary-based company for $5 billion including assumed debt. 5915 Gateway Blvd. WestJet's board of directors has unanimously recommended shareholders vote in favour of the deal at meeting expected to be held in July. Speaking to reporters on Monday, Alberta Premier Jason Kenney said he's confident the deal will be good for the company and for employees. CALGARY (660 NEWS) – The sale of WestJet is now complete. WestJet says it has agreed to be acquired by Onex Corp. and will become a private company in a deal valued at $5 billion. At the time the deal was unveiled WestJet CEO Ed Sims said that the company now had an ability to focus on its long term strategy to deliver against the lifetime of its assets, which include aircraft with a life span of 20-25 years. WestJet shareholders are expected to vote on the $5 billion acquisition at a special meeting in July. THE CANADIAN PRESS/Darryl Dyck, {* backButton *} Comments are welcome while open. Onex was founded in 1984. {* mergePassword *}, {* backButton *} Analyst Doug Taylor of financial services firm Canaccord Genuity said the Onex deal likely will not "dramatically alter" the competitive landscape. "This was an absolute shock to me," Ryder said. ... destination with no blackout periods, and have access to Member Exclusive fares offering deals to WestJet The deal is expected to close in the latter part of 2019 or early 2020. astephenson@postmedia.com. Toronto-based Onex corporation will spend $5 billion to acquire WestJet.The deal, announced this morning, will see few changes initially at the airline, other than the new owners.It also comes at a ~67%premium to the share trading price from Friday’s close making it a great deal … That was followed by a steep year-over-year drop in the third quarter, but the airline nonetheless bounced back into the black. "These are very strategic, astute investors, in Onex. Which is it? But he was extremely close with his father, a businessman and auto-parts dealer. Pound's wild day is sign of Brexit-induced volatility to come. I spoke today with the president of WestJet and the senior representative of Onex who was responsible for this transaction," he said. Last Updated Dec 11, 2019 at 11:41 am MST. Pseudonyms will no longer be permitted. Last May, Onex signed a friendly deal to buy WestJet, paying $31 per […] WestJet shares were down 0.3% at C$30.77 on Tuesday afternoon. Whale bets resurface as Facebook, Amazon see big options trades. {* traditionalSignIn_emailAddress *} Twitter.com/AmandaMsteph Your existing password has not been changed. Shareholders of WestJet Airlines on Tuesday voted in favour of its deal to be acquired by billionaire Gerry Schwartz’s private equity firm Onex Corp for $3.5 billion. WestJet and Onex entered into a friendly deal last month to pay $31 per share cash for the airline, ... Garneau's approval is one of the conditions for the deal to close. "He [Gerald Schwartz, chief executive of Onex] has a track record, for 30-odd years, of astute investments. In May-2019 Onex and WestJet announced their groundbreaking deal, which was the largest private equity agreement in the history of the airline industry. Box 500 Station A Toronto, ON Canada, M5W 1E6. Onex also failed in its effort in 2007 as part of a consortium to buy Australia's Qantas Airways Ltd. WestJet's current growth spurt could generate profits that offset the rising cost of labour. "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," WestJet founder and chair Clive Beddoe said in a news release. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. Revenues and efficiency were "nowhere near" the airline's potential, chief executive Ed Sims said during a WestJet investor conference in December 2018. The two companies said the deal, worth about $5 billion including debt, will be subject to a shareholder vote, likely in July, and close in the second half of 2019 or early 2020. "Onex typically likes to buy companies that they think are undervalued and then see if they can find a way to release that value.". The two companies said the deal, worth about $5 billion including debt, will likely close in the second half of 2019 or early 2020. They've concluded it's a strong company in a much better industry than it once was," said Ian Lee, who teaches strategic management at Carleton University. The nearly 4,000 flight attendants at WestJet and WestJet Encore have unionized over the past year. The closing comes following the final regulatory approval by the Canadian Transportation Agency. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Onex Corp. agreed to pay cash for Canada’s second-biggest carrier, and plans to take the company private in one of the buyout firm’s biggest deals. And they said they are entirely focused on growth, and that's good news for WestJet, and it's good news for Calgary," he said. "Onex's 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.". Last May, Onex signed a friendly deal to buy WestJet, paying $31 per share and will keep the airline as a privately held company. The plan was dropped after being ruled illegal by a Quebec court. WestJet shareholders to receive $ 31.00. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. WestJet started in Calgary in 1996 and has expanded from a low-cost domestic airline to an international carrier with flights to the U.S., Europe and the Caribbean. {* traditionalSignIn_password *}, {* #tradAuthenticateMergeForm *} We have sent a confirmation email to {* emailAddressData *}. "Things that are important to us are, you know, to make sure that agreement that we have right now remains in force. Canadian airline WestJet has today announced that it has reached an agreement with Canadian company and equity firm Onex Corporation to sell the airline in a deal worth CA$5 billion. Shares in the airline closed at $18.52 on Friday. In the past six years, WestJet has created both regional and budget airlines — WestJet Encore and Swoop — and set its sights on long-haul routes with an order for 10 Boeing 787 jetliners set for delivery before 2022, receiving the first one earlier this year. 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