Onex Corp has signed a friendly deal to buy WestJet Airlines in a deal it valued at $5 billion, including assumed debt.
Under the agreement, Onex will pay $31 per share for WestJet, after which the airline will operate as a privately-held company. The price represents a 67% premium on Friday’s closing share price of $18.52.
The deal comes after Onex approached the airline in March.
Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals.
