Onex has completed its acquisition of WestJet Airlines in a transaction valued at approximately $5 billion including assumed debt. The closing comes following the receipt of the final regulatory approval by the Canadian Transportation Agency of its determination under the Canada Transportation Act.
Pursuant to the Arrangement, shareholders of WestJet are entitled to receive $31.00 in cash for each share held at the effective time of the Arrangement.
The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days.
Onex’ portion of the total equity investment was approximately $345 million (US$265 million) as a Limited Partner in Onex Partners V. Further terms of the transaction are not being disclosed.