WestJet to be sold in $5B deal
WestJet to be sold in $5B deal WestJet to be sold in $5B dealWestjet, the second largest airline in this country has been bought by Onyx Corporation in a 5 billion dollar deal. Let’S go to Rajesh Natalie things off Forest Ridge, St filling in for Scott. This morning we just got the announcement. What details do we have so far has made the announcement saying that it was a friendly deal. The 5 billion dollar purchase price means Onyx will pay about $ 31 a share for WestJet in an all-cash transaction. Also assume debt nautic said that WestJet will operate as a private company, and we know this deal comes after Onyx approved approach. The airline in March is a private Equity Firm, that’s based in Toronto. It has about 31 billion dollars of under management. Now the purchase price of $ 31 a share is a 67 % premium to WestJet shares closed at on Friday, and, of course, that this deal is pending approval from regulators and shareholders. There will be a meeting in July where she photos are expected to give approval of the deal itself is expected to be finalized later this year or in the early part of 2020. So we had announcements from both sides this morning, and this is what WestJet founder and chairman Clydesdale, who founded the company in 1996. This is what he has to say. I am particularly pleased in Calgary and continue that are 14,000 West Cheddar’s have creative, onyx’s, Aerospace experience. History of positive employee relations orientation makes an ideal partner for West shutters and I am excited about the future just weeks after another Canadian Airline potential takeover offers at that time, shares of its parent company Transat 80 jumped on that news to this news, I’m especially or Canada, which is the number one airline in the country and is being taken private. What that means for consumers in Canada, WestJet says it has agreed to be acquired by Onex Corporation and will become a private company in a deal valued at $5 billion.
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