Calgary – – WestJet Airlines Ltd. announced it has entered into a agreement that provides for its acquisition by Onex in an all-cash transaction. Under the terms of the agreement, Onex Corporation and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company.
The transaction value is approximately $5 billion including assumed debt.
WestJet flies out of Vancouver YVR and Abbotsford YXX.
“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. 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,” said Tawfiq Popatia, a Managing Director at Onex.
Ed Sims, WestJet’s President and Chief Executive Officer, said, “We are delighted to continue the journey of building an airline based on a growing network, providing competitive airfares and more choice to, from and within Canada, for communities large and small. Integral to this relationship is a commitment to our employees, and our unique ownership-driven culture.”
The investment will be led by Onex Partners, Onex’ private equity platform focused on larger investment opportunities.