Onex Corp scored cut-price deal for WestJet due to 737 Max grounding
Canada’s transport minister Marc Garneau has given the green light to Onex Corp’s acquisition of WestJet Airlines.
No public-interest issues were raised by the government, the airline said, paving the way for the takeover.
"We welcome the decision and we will continue to cooperate with the necessary authorities on the remaining regulatory approvals," said WestJet CEO Ed Sims.
WestJet shareholders still need to approve the deal at a meeting next month.
Onex initially submitted a bid in March for the airline at $35.75 per share.
However it then sealed a cut-price deal at $31 per share after the grounding of Boeing 737 Max aircraft and the resulting uncertainty over its pathway to re-certification.
The grounded plane makes up about 10% of WestJet’s seat capacity.
Air Canada’s proposed takeover of airline and tour operator group Transat AT would likely raise anti-trust scrutiny if it is successful but its far from a done deal.
Air Canada’s exclusivity period runs out this week, and there is a competing, higher bid from Quebec based real estate firm Group Mach Inc.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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