Hello! You are viewing your 1 free guest article this week


Please log in or join now for free, immediate and unlimited access to our award-winning online content. Find out more...

Join us
Already a member? Log in here

Travel industry news

13 May 2019

BY Gary Noakes

Share
TRFBLI

Canada's WestJet sold to private equity firm in £2.9 billion deal

Canadian airline WestJet is under new ownership after agreeing a £2.9 billion takeover.

WestJet Dreamliner.jpg
Sharelines

Canada's second-biggest airline has new owners

WestJet is Canada’s second-biggest airline and flies a number of routes to the UK.

 

The purchaser, Toronto’s Onex Corporation, approached the Calgary-based airline in March, with the proposal unanimously backed by the carrier’s board of directors. The deal includes an unspecified amount of the airline’s debt.

 

In a statement, the airline’s board said the purchase was “in the best interests of WestJet” and recommended its approval by shareholders when a special meeting is held in July. Approval is a given, as the deal represents a 67% premium to shareholders.

 

Ed Sims, WestJet’s UK-born 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.”

 

WestJet is currently moving from a budget carrier model to become more of a hybrid airline. It has introduced a business class cabin on a new fleet of Boeing 787s, one of which is now operating on the Gatwick-Calgary service. The WestJet group also includes the ultra-low-cost carrier Swoop, which began flying last summer.

 

Add New Comment
Please sign in to comment.
Show me more

Follow Us



Twitter
LinkedIn
Facebook
Instagram
YouTube
Soundcloud
TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
Scroll To Top