WestJet Airlines Ltd. shareholders vote for acquisition by Onex Corp.

By Staff The Canadian Press

Posted July 23, 2019 8:13 pm

1 min read

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A WestJet plane takes off from Vancouver International Airport in Vancouver on Monday, May 13, 2019. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a transaction it valued at $5 billion, including assumed debt. THE CANADIAN PRESS/Jonathan Hayward

CALGARY — WestJet Airlines Ltd. says its shareholders and option holders voted to approve a proposed acquisition by Onex Corporation.

The Calgary-based airline says 92.5 per cent of those who voted did so in favour of the transaction at a special meeting held Tuesday.

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WestJet and Onex entered into an agreement May 12 for Onex to pay $31 per share for WestJet.

The deal would see the airline, which has been listed for about two decades on the Toronto Stock Exchange, operate as a privately held company.

WestJet CEO Ed Sims says in a statement that receiving this support is a key step on the path to closing the transaction.

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The acquisition is still subject to closing conditions, including regulatory approvals.

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