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The Canadian Transportation Agency issued its determination that WestJet and Swoop would continue to meet the Canadian ownership and control requirements following the proposed acquisition of WestJet Airlines Ltd., by an affiliate of Onex.
The agency’s determination that WestJet and Swoop would remain Canadian is on the condition that Onex amends its by-laws to ensure that any matters pertaining to and affecting WestJet Airlines Ltd, WestJet and Swoop are voted on at board of directors’ meetings where a majority of Canadian directors are present.
The agency has directed Onex to provide copies of any document, previously submitted as draft, in their final executed form, within 60 days of the completed transaction.
The agency reminded Onex that the requirement to be Canadian is an ongoing requirement, and that for WestJet and Swoop to remain Canadian, Onex must remain Canadian. WestJet and Swoop must notify the agency of any change to their Canadian status.
