Competition agency greenlights Onex’s $3.5 bln WestJet buyout

The Canadian Competition Bureau has approved the proposed acquisition of WestJet Airlines Ltd (TSX: WJA) by Onex Corp, the Calgary-based carrier said.

The approval was confirmed by the agency’s issue of a no-action letter.

In May, Onex, a Canadian private equity firm, offered to buy WestJet, Canada’s second-largest carrier, for $3.5 billion or $5 billion including debt. The deal is expected to close in Q4 2019.

Founded in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.

PRESS RELEASE

Canadian Competition Bureau approves WestJet’s proposed transaction with Onex

CALGARY, Aug. 13, 2019 /CNW/ – WestJet Airlines Ltd. (TSX: WJA) (“WestJet”) today announced that the Canadian Competition Bureau has granted unconditional approval for WestJet’s proposed transaction with Onex Corporation (“Onex”) (TSX: ONEX) (the “Arrangement”) by issuing a no-action letter.

Ed Sims, WestJet’s President and Chief Executive Officer, said, “Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction. We continue to engage with the relevant authorities on the remaining approvals.”

The Arrangement is still subject to other conditions to closing, including receipt of the remaining regulatory approvals.

Further information regarding the Arrangement is provided in WestJet’s management information circular dated June 19, 2019. The transaction is expected to close in the fourth quarter of 2019.

About WestJet

The WestJet Group of Companies including regional airlines, WestJet Encore and WestJet Link, and ultra-low-cost carrier Swoop, offer scheduled service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through our airline partnerships. WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas. Members of the WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Members use WestJet dollars towards the purchase of flights and vacations packages to any WestJet destination with no blackout periods and have access to Member Exclusive fares offering deals to WestJet destinations throughout our network and those of our partner airlines.

WestJet is proud to be recognized for three consecutive years as Best Airline in Canada (2017-19) and awarded among travellers’ favourite Mid-Sized Airlines in North America (2019). From 2017-2018, WestJet was also awarded among travellers’ favorite Mid-Sized and Low-Cost Airlines in North America. The airline was also recognized among the Economy Class winners in North America, 2018. All awards are based on authentic reviews from the travelling public on TripAdvisor, the world’s largest travel site. We are one of very few airlines globally that does not commercially overbook.

WestJet is publicly traded on the Toronto Stock Exchange (TSX) under the symbol WJA. For more information about everything WestJet, please visit westjet.com.

For further information: WestJet Investor Relations, 1-877-493-7853, Email: investor_relations@westjet.com; WestJet Media Relations, 1-888-WJ-4-NEWS (1-888-954-6397), Email: media@westjet.com; Website: www.westjet.com