Finally, Onex and Westjet have entered into definite agreement for Onex to buy Westjet airlines, in a transaction valued at $5 billion. The deal is expected to close in the latter part of 2019 or early 2020.

In deal announced today, Onex will buy all outstanding shares of Westjet for $31.00 per share, after which WestJet will keep operating the enterprise as a privately-held company.

Calgary based WestJet is one of Canada’s strongest brands and it began as a low-cost alternative to the country’s competing major airlines. Today it has 14,142 employees serving more than 100 destinations with a fleet of 184 aircraft.

Toronto based, Onex Corporation is a private equity and credit investor and manager, which manages approximately US$31 billion of assets.

News Inflight.com / ABC Flash Point Aviation News 2019.

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Jackpot?