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WestJet has been sold and the company fetched quite the haul.
It’s been purchased by Toronto-based Onex Corporation for $31 per share, which equates to a transaction value around $5 billion.
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
“Since our first flight in 1996, WestJet has been singularly focused on providing better options for the Canadian travelling public and this transaction retains that commitment,” said Clive Beddoe, WestJet’s founder and chairman.
“Onex’ 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.”
Beddoe confirmed that the company’s headquarters will remain in Calgary.
Once the sale becomes official, WestJet will operate as a privately-held company.
“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.
“WestJet is renowned internationally for its unparalleled guest experience and employee culture. We’re thrilled to be partnering with WestJetters and continuing this remarkable Canadian success story.”
Onex approached WestJet about this transaction in March and a special committee was formed by the airline’s board of directors to make a decision regarding it.
After an extensive review, the special committee unanimously recommended the proposed transaction.
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