The airline was also recognized among the Economy Class winners in North America, 2018. Under the terms of the agreement, Onex Corporation ("Onex")(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. WestJet Dreamliner / WestJet WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion. WestJet says it has agreed to be acquired by Onex Corp. and will become a private company in a transaction valued at $5 billion including debt. As a result of the transaction, WestJet … What the sale of WestJet means for jobs, fares, routes â and investors The Onex Partners and ONCAP businesses have assets of US$38 billion, generate annual revenues of US$28 billion and employ approximately 157,000 people worldwide. DLA Piper’s team was led by Laura Safran, Q.C. The purchase price represents a 67% premium to closing share priceFriday’s and a The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. transaction. Except as may be required by Canadian securities law, Onex and WestJet are under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. Due to closing of the Arrangement having occurred before December 18, 2019, the former public shareholders of WestJet will not receive the previously declared quarterly dividend to be paid on December 31, 2019. WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. Canadian airline WestJet has today announced that it has reached an agreement with Canadian company and equity firm Onex Corporation to sell the airline in a deal worth CA$5 billion. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. WestJet Investment Date December 2019 - Current WestJet is Canadaâs second largest airline, providing critical infrastructure to Canadians in the form of scheduled service to over 100 destinations in North America, Central America, the Caribbean and Europe. Tailor your perspective of our site by selecting your location and language below. WestJet will then function as a privately-held company. Founded in 1984 and headquartered in Canada, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. With a roster of internationally recognized senior practitioners with broad experience covering all aspects of aviation law, DLA Piper Canada’s Aviation group is unrivalled in the range and scope of aviation law practice in Canada. CALGARY (660 NEWS) – The sale of WestJet is now complete. CALGARY, Alberta and TORONTO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds (the “Onex Group”) and WestJet … In total, Onex has approximately US$38 billion of assets under management, of which approximately US$7.0 billion is its own shareholder capital. Toronto based Onex is a leading private equity firm with approximately US$31 billion of assets under management. According to the airline, under the terms of the agreement, Onex and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. Federal Transport Minister Marc Garneau has given his approval to the proposed $3.5-billion acquisition of WestJet Airlines by Onex Corp. Calgary-based airline WestJet has agreed to be sold to Onex Coroporation in an all-cash deal worth $5 billion, the company announced Monday. The Onex-WestJet deal. Under the terms of the agreement, Onex Corporation (“Onex”)(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. WestJet Airlines Ltd. says its shareholders and optionholders voted to approve a proposed acquisition by Onex Corporation. These cautionary statements expressly qualify all forward-looking statements in this press release. All amounts in Canadian dollars unless otherwise stated. READ MORE: WestJet to be sold in friendly deal to Onex Corp. for $5 billion Asper is the son of Izzy Asper, who founded CanWest Capital with Schwartz in the 1970s. DLA Piper Canada acted as counsel for Onex Corporation on various aspects of what is the largest private equity purchase of an airline in aviation history, including with respect to aviation law, financing matters and corporate law matters.. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction it valued at $5 billion, including assumed debt. … Onex offered C$31 a ⦠For more information about everything WestJet, please visit westjet.com. We are one of very few airlines globally that does not commercially overbook. DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. Onex Corporation and WestJet Airlines Ltd. announced on December 11, 2019 that they have completed their previously announced purchase agreement valued at approximately $5 billion including assumed debt. The deal comes after […] A copy of the letter of transmittal has been filed on WestJet's profile at www.sedar.com and is being posted on WestJet's website. The completion of Onex Corp.'s $5 billion purchase of Calgary-based WestJet marks the largest private equity deal in aviation history and is cause for "quiet relief and satisfaction," WestJet … All awards are based on authentic reviews from the travelling public on TripAdvisor, the world's largest travel site. After an extensive review of the proposedtransaction, the special committee provided its unanimous recommendation of thetransaction to the WestJet board of directors. Onex and its affiliated funds and WestJet Airlines Ltd. today announced they have completed their transaction' which is valued at approximately $5 billion including assumed debt. Following an approach by Onex in March 2019, the WestJet board ofdirectors formed a special committee of independent directors to provide theBoard with its advice and recommendations with respect to the proposal fromOnex and the transaction, and to supervise the negotiation of the terms andconditions of the transaction. Under the terms of the agreement, Onex Corporation (“Onex”)(TSX: ONEX) and its affiliated funds will acquire all outstanding of WestJetshares for $31.00 per share, after which WestJet will operate as a privately-held company. DLA Piper is a global law firm operating through various separate and distinct legal entities. WestJet Airlines remains firmly committed to Calgary and Alberta, CEO Ed Sims vowed, hours after news broke of the companyâs pending sale to Toronto-based private equity firm Onex Corp⦠The WestJet Group of Companies including regional airlines, WestJet Encore and WestJet Link, and ultra-low-cost carrier Swoop, offer scheduled service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through our airline partnerships. WestJet Airlines is a leading Canadian airline providing air services to over 100 destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean. Upon completion of the agreement WestJet now operates as a privately-held company. Onex previously announced on May 13, 2019, that it had entered into a definitive agreement to acquire all outstanding shares of WestJet for $31.00 each. Members of the WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Onex’ security filings can also be accessed at www.sedar.com. Forward-looking statements are not guarantees. According to the airline, under the terms of the agreement, Onex and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will ⦠Per the agreement, Onex Corporation will buy all of WestJet's outstanding shares for $31.00 each. and included Andrew Lloyd, Prasad Taksal, Ryana Mather, Matthew Pollock, David Stratton, Q.C., Eric Belli-Bivar, Doug Shields, Rachel Hamilton, Veronica Monteiro, Michael Styczen, Sandra Mah and Lauren Storwick.. Onex Corporation is now in control of WestJet. 2019/2018/2017 Best Airline in Canada (TripAdvisor Travellers' Choice awards for Airlines)2019 Winner Among Mid-Sized Airlines in North America (TripAdvisor Travellers' Choice awards for Airlines)2018/2017 Winner Among Mid-Sized and Low Cost Airlines – North America (TripAdvisor Travellers' Choice awards for Airlines)2018 Winner – Economy, North America (TripAdvisor Travellers' Choice awards for Airlines)2018 Number-One-Ranked Airline Credit Card in Canada (Rewards Canada)2018 North America's Best Low-Cost Airline (Skytrax)2018/2017/2016 Canada's Most Trusted Airline (Gustavson School of Business at the University of Victoria), Connect with WestJet on Facebook at facebook.com/westjetFollow WestJet on Twitter at twitter.com/westjetFollow WestJet on Instagram instagram.com/westjet/Subscribe to WestJet on YouTube at youtube.com/westjetRead the WestJet blog at blog.westjet.com. Private equity firm Onex Corp. posted a US$1.1-billion loss in the first quarter as it wrote down the value of WestJet Airlines and other holdings due to the impact of the COVID-19 outbreak. Under the terms of the agreement, Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet … Onex Corporation and WestJet Airlines Ltd. announced on December 11, 2019 that âthey have completed their previously announced purchase agreement valued at approximately $5 billion âincluding assumed debt. READ MORE: WestJet to be sold in friendly deal to Onex Corp. for $5 billion Asper is the son of Izzy Asper, who founded CanWest Capital with Schwartz in … The purchase price was C$5 billion. From 2017-2018, WestJet was also awarded among travellers' favorite Mid-Sized and Low-Cost Airlines in North America. Onex Corporation (“Onex”) and WestJet Airlines Ltd. (“WestJet”) announced on December 11, 2019 that they have completed their previously announced purchase agreement valued at approximately $5 billion including assumed debt. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas. Headquartered in Toronto, Onex Corporation is a leading private equity firm with approximately US$38 billion of ⦠All rights reserved. WestJet Investment Date December 2019 - Current WestJet is Canada’s second largest airline, providing critical infrastructure to Canadians in the form of scheduled service to over 100 destinations in North America, Central America, the Caribbean and Europe. WestJet Airlines Ltd. says its shareholders and optionholders voted to approve a proposed acquisition by Onex Corporation. WestJet shares closed at $18.52 on Friday. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. Under the terms of the agreement, Onex Corporation and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will operate as a privately held company after two decades on … WestJet Airlines is a leading Canadian airline providing service to over 100 destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean. Onex Corp. agreed to pay cash for Canadaâs second-biggest carrier, and plans to take the company private in one of the buyout firmâs biggest deals. The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days. Members use WestJet dollars towards the purchase of flights and vacations packages to any WestJet destination with no blackout periods and have access to Member Exclusive fares offering deals to WestJet destinations throughout our network and those of our partner airlines. 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