Federal transport minister approves sale of WestJet to Onex at price reduced by 737 Max issues

Federal Transport Minister Marc Garneau has given his approval to the proposed $3.5-billion acquisition of WestJet Airlines by Onex Corp.

The Calgary-based airline says the minister determined the deal doesn’t raise public-interest issues for national transportation.

WestJet and Onex entered into a friendly deal last month to pay $31 per share cash for the airline, which will operate as a privately held company.

READ MORE: Onex’s purchase of WestJet prompts Moody’s credit ratings review for possible downgrade

Watch below: Some Global News videos about the sale of WestJet.

2:17 WestJet sold to Onex

• WestJet sold to Onex
• Calgary based Westjet to be purchased by Onex Corporation in multi-billion dollar deal
• WestJet to be sold to Onex Corp. for $5 billion

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The offer was a reduction from the preliminary price of $35.75 per share submitted in March due to uncertainties related to the grounding of Boeing 737 Max jets, according to the proxy circular provided to shareholders.

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READ MORE: WestJet profits up despite lingering concerns over 737 Max grounding

Watch below: Some Global News videos about concerns raised with regard to 737 Max airplanes.

0:43 Sullenberger says pilots must be ‘fully armed’ to operate Boeing 737 Max

• Sullenberger says pilots must be ‘fully armed’ to operate Boeing 737 Max
• Boeing CEO pledges to apply lessons learned from MAX 737 crashes
• American Airlines extends Boeing 737 Max cancellations
• Chinese airlines demand Boeing compensation over 737 MAX grounding
• Boeing CEO goes on the defensive over company’s MAX series jets
• Canadian families sue Boeing over 737 MAX crash
• Boeing CEO admits to software issue in deadly crashes, won’t resign
• Boeing CEO rejects suggestions 737 was ‘rushed’ to market
• FAA meets with U.S. airlines, pilot unions on Boeing 737 MAX
• Boeing faces inquiries, lawsuits amid probes into deadly crashes
• Boeing ‘sorry for pain’ caused by Ethiopian Airlines crash
• Boeing CEO apologizes, says new system caused crashes
• Boeing making safety changes to 737 MAX
• Boeing 737 MAX forced to make emergency landing
• Transportation regulators asked about troubled Boeing 737 Max during hearing

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Garneau’s approval is one of the conditions for the deal to close.

The deal is also subject to other regulatory approvals and approval of WestJet shareholders at a meeting July 23.