Private equity fund Onex to acquire WestJet
WestJet is to be acquired by Toronto-based private equity firm Onex for around C$5b (US$3.7b), including debt. The airline says it will be a privately-held company after the deal closes, and continue to be based in Calgary. Onex and its affiliated funds will acquire all of WestJet's outstanding shares for $31 per share, a 67% premium over the 10 May closing price of $18.52 on the Toronto Stock Exchange. The proposed price is a 63% premium to the airline's 20-day volume-weighted average trading price. Subject to approvals from shareholders and Canadian regulators, the deal will close in "the latter part of 2019 or early 2020", the carrier expects. Onex approached the carrier in March 2019, prompting the formation of a special committee of independent directors to advise the airline's board on the proposed purchase. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-14/unaligned/private-equity-fund-onex-to-acquire-westjet
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Private equity fund Onex to acquire WestJet
WestJet is to be acquired by Toronto-based private equity firm Onex for around C$5b (US$3.7b), including debt. The airline says it will be a privately-held company after the deal closes, and continue to be based in Calgary. Onex and its affiliated funds will acquire all of WestJet's outstanding shares for $31 per share, a 67% premium over the 10 May closing price of $18.52 on the Toronto Stock Exchange. The proposed price is a 63% premium to the airline's 20-day volume-weighted average trading price. Subject to approvals from shareholders and Canadian regulators, the deal will close in "the latter part of 2019 or early 2020", the carrier expects. Onex approached the carrier in March 2019, prompting the formation of a special committee of independent directors to advise the airline's board on the proposed purchase. <br/>
