WestJet Airlines has announced that the Canadian Competition Bureau has granted unconditional approval for WestJet’s proposed sale to the Onex Corporation (Onex) by issuing a no-action letter.
WestJet and Onex entered into a definitive agreement on 12 May, 2019, for the proposed acquisition of WestJet by Onex under a plan of arrangement to which each outstanding share of WestJet will be exchanged for C$31.00 in cash, as part of a C$5 billion deal.
In June, WestJet received approval from the Minister of Transport (Canada) on the basis that the proposed acquisition by Onex “does not raise public interest issues as related to national transportation”.
WestJet’s president and chief executive officer, Ed Sims said: “Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction. We continue to engage with the relevant authorities on the remaining approvals.”
The arrangement is still subject to other conditions to closing, including receipt of the remaining regulatory approvals.
The transaction is expected to close in the fourth quarter of 2019.
WestJet operates 185 aircraft, employees more than 14,000 staff and flies to 114 destinations.