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.
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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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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.