By Gary McKinnon

WESTJET SOLD

WestJet sold in deal valued at $5B

May 13, 2019 | 7:37 AM

CALGARY- Onex Corp. has signed a friendly deal to buy WestJet Airlines in a transaction valued at $5,000,000,000, including assumed debt.

Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.

Shares in the airline closed at $18.52 on Friday.

WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline.

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“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,” Beddoe said in a statement.

The deal comes after Onex approached the airline in March.

(The Canadian Press)