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Onex Corporation and WestJet Airlines Ltd., announced they have completed their transaction valued at approximately $5 billion including assumed debt. The closing comes following the receipt of the final regulatory approval by the Canadian Transportation Agency of its determination under the Canada Transportation Act.
Pursuant to the arrangement, shareholders of WestJet are entitled to receive $31.00 in cash for each share held at the effective time of the arrangement. A form of letter of transmittal pursuant to which registered shareholders of WestJet can submit their share certificates in order to receive the cash consideration under the arrangement is being mailed to all registered shareholders. Shareholders of WestJet who hold their shares through a broker are not required to submit a letter of transmittal; rather they will receive the cash consideration through their brokerage account.
The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days. Due to closing of the arrangement having occurred before Dec. 18, 2019, the former public shareholders of WestJet will not receive the previously declared quarterly dividend to be paid on Dec. 31, 2019.
Onex’ portion of the total equity investment was approximately $345 million (US$265 million) as a limited partner in Onex Partners V. Further terms of the transaction are not being disclosed.