Onex Signs Agreement to Buy WestJet in Deal Valued at $5B, Including Debt
Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a transaction it valued at $5 billion, including assumed debt.
Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.
Shares in the airline closed at $18.52 on Friday.
WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline.
``I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created,'' Beddoe said in a statement.
The deal comes after Onex approached the airline in March.