After an extensive review of the proposedtransaction, the special committee provided its unanimous recommendation of thetransaction to the WestJet board of directors. Canada's WestJet Airlines Ltd said on Monday it will be acquired by private equity firm Onex Corp in an all-cash deal valued at C$5 billion ($3.72 billion), including 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. 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. All amounts in Canadian dollars unless otherwise stated. Per the agreement, Onex Corporation will buy all of WestJet's outstanding shares for $31.00 each. Attorney advertising. © 2020 DLA Piper. Onex’ security filings can also be accessed at www.sedar.com. 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. 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. 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. Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. 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. From 2017-2018, WestJet was also awarded among travellers' favorite Mid-Sized and Low-Cost Airlines in North America. The Arrangement is the result of an extensive and thorough arm's length negotiation process between Onex Corporation and a The deal comes after […] 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. © 2020 GlobeNewswire, Inc. All Rights Reserved. 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 … 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. A form of letter of transmittal pursuant to which registered shareholders of WestJet can submit their share certificates in order to receive the cash consideration under the Arrangement is being mailed to all registered shareholders. 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. 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