Air Canada aims to acquire Air Transat. The plan would form an air travel behemoth by combining Canada’s first- and third-largest airlines by fleet size. Air Canada aims to acquire all outstanding shares of Air Transat’s parent company in a transaction worth $520 million.
Calin Rovinescu, Air Canada’s president and chief executive officer, lauded the agreement for its promise to create a combined company that can compete in the global commercial air travel market. The transaction requires approval from government regulators and shareholders.