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Travel industry news

24 Jul 2019

BY James Chapple

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TRFBLI

WestJet shareholders back £2bn takeover bid

WestJet shareholders have voted overwhelmingly in favour of a CAD $3.5 billion (£2.14 billion) takeover by Canadian private equity firm Onex.

WestJet Dreamliner.jpg
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WestJet shareholders back £2bn takeover bid

Some 92.5% of shareholders backed the Onex deal at a special meeting held on Tuesday (23 July), which was tabled on 12 May valuing WestJet’s shares at CAD $31 (£19).


The vote followed approval last month by the Canadian transport ministry, although the deal will yet be subject to final regulatory and legal approval.


Reuters reports the transaction is expected to be completed in full later this year, or early next year, subject to any regulatory matters.


Following the Onex acquisition, WestJet will operate as a privately held company, the airline confirmed in a statement.


WestJet currently flies year-round to Gatwick and operates seasonal services to Glasgow and Dublin.


Ed Sims, WestJet president and chief executive, said: “We are very pleased to obtain overwhelming support from our securityholders at today’s [Tuesday] special meeting.


“Receiving this support is an important step on our path to closing the transaction, and we continue to engage with the necessary authorities on the remaining approvals.”

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