Onex has received approval from the Canadian Minister of Transport for its proposed takeover of WestJet Airlines.
WestJet and Onex entered into a definitive agreement on May 12, 2019, for the proposed acquisition, receipt of the Minister of Transport's approval is one of the conditions to closing of the arrangement.
Ed Sims, WestJet president and CEO said: "We welcome the decision by the Minister of Transport, and we will continue to cooperate with the necessary authorities on the remaining regulatory approvals."
The Arrangement is still subject to other conditions to closing including other regulatory approvals, approval by the securityholders of WestJet at a meeting to be held on July 23, 2019 and final approval of the rrangement by the Court of Queen's Bench of Alberta.