Air Canada completes Transat acquisition

Air Canada and Transat announced today that they have concluded a definitive Arrangement Agreement that provides for Air Canada’s acquisition of all issued and outstanding shares of Transat and its combination with Air Canada.

Under the terms of the binding agreement, unanimously approved by the Board of Directors of Transat, Air Canada will acquire all outstanding shares of Transat for C$13 per share. The value of the all-cash transaction is approximately C$520 million.

Calin Rovinescu, President and Chief Executive Officer at Air Canada, said: “We are delighted to have reached this definitive agreement to combine Transat with Air Canada to achieve the best possible outcome for all stakeholders. For shareholders of Transat and Air Canada, this combination delivers excellent value, while also providing increased job security for both companies’ employees through greater growth prospects.

“Air Canada intends to preserve the Transat and Air Transat brands and maintain the Transat head office and its key functions in Montreal. Both companies have demonstrated excellence as evidenced by the 2019 Skytrax Awards.”

The transaction remains subject to regulatory and shareholder approvals and other closing conditions usual in this type of transaction. If such approvals are obtained and conditions are met, the transaction is expected to be completed in early 2020.

Share this story

Related Topics

Latest acquisitions news

Stonepeak takeover of ATSG to progress as ‘go-shop’ period expires

Investment firm Stonepeak’s $3.1bn takeover of freighter aircraft leasing giant ATSG will move ahead following the expiration of a go-shop…

Read More

Share this story

UK and Dutch investors await approval to pick up Air Belgium’s freight operations

UK long-haul freight specialist Air One Holdings International and a Dutch firm, Peso Aviation Management, are looking to take over…

Read More

Share this story

Reports: US approves Korean takeover of Asiana

The US has reportedly approved Korean Air’s takeover of Asiana Airlines, meaning the acquisition has now cleared its last regulatory…

Read More

Share this story

Air Cargo News

Air Cargo News
Established in 1983, Air Cargo News is the leading source of news, information, interviews, analyses and reports to the global airfreight industry. Our leading portfolio includes print, digital and events that give businesses in the airfreight industry the ability to connect with decision-makers in this sector.