WestJet, Canada’s second-largest carrier, will be acquired by Onex Corporation in an all-cash transaction. Outstanding shares will be acquired by Onex for $31 per share.
Currently a Calgary-based public company with its shares traded on the Toronto Stock Exchange, WestJet will transition into a private company after the $5 billion transaction. Clive Beddoe, the carrier’s founder and chairman, shared that since its launch in 1996, his company has offered affordable air travel opportunities to Canadians. He anticipates that Onex will build upon that foundation.