The deal, approved by 94.77% of shareholders present at a special meeting of Transat on 23 August, is now expected to be finalised during the second quarter of 2020, subject to regulatory approvals.

Transat said these would include a public interest assessment undertaken by Transport Canada, with input from the country’s competition commissioner.

Flag carrier Air Canada swooped for the Transat group in May. A C$13 per share deal worth C$520 million (£325 million) was agreed the following month.

However, Air Canada increased its bid to C$18 per share earlier this month, swelling the total value of the transaction to some C$720 million.

If the deal goes ahead, Air Canada will preserve the Transat and Air Transat brands, which will sit alongside its Air Canada, Air Canada Rouge and Air Canada Vacations brands.

It has also pledged to retain the company’s head office and “key functions” in Montreal.

Air Canada would also acquire Transat’s UK tour operator Canadian Affair, which launched to the trade last year and has invested significantly in its trade operation since then.