Toronto (TAN): Independent Canadian law enforcement agency Competition Bureau has granted the proposed sale of Canadian budget airline WestJet Airlines to Toronto-based investment management firm Onex Corporation.
Onex wanted to take over WestJet, founded in 1996 by Clive Beddoe, for approximately CAD5 billion including debt, Onex said. The deal is reportedly expected to close in the fourth quarter of 2019.
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“WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years. WestJet is renowned internationally for its unparalleled guest experience and employee culture. We’re thrilled to be partnering with WestJetters and continuing this remarkable Canadian success story,” a Managing Director, Onex, Tawfiq Popatia said.
“Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction. We continue to engage with the relevant authorities on the remaining approvals,” WestJet’s President and Chief Executive Officer, Ed Sims was quoted by media reports as saying.
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Beddoe, also the Chairperson of WestJet, said: “I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created. Onex’ aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future.”
