Onex Corporation and WestJet Airlines Ltd. announced on December 11, 2019 that ‎they have completed their previously announced purchase agreement valued at approximately $5 billion ‎including assumed debt. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of the transaction.

WestJet Airlines is a leading Canadian airline providing air services to over 100 destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean. Transportation Act. 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. This capital is committed to or invested in Onex’ various platforms. Onex’ aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future.”. The Integral to this relationship is a commitment to transaction was fair, from a financial point of view, to such holders, in each case subject to the respective limitations, qualifications, assumptions and that commitment,” said Clive Beddoe, WestJet’s Founder and Chairman. The airline was also recognized among the Economy Class winners in North America, 2018. After an extensive review of the proposed "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. providing competitive airfares and more choice to, from and within Canada, for

To contact WestJet media relations, please email media@westjet.com. future events or otherwise, except as may be required by applicable law. endstream endobj 172 0 obj <. Last May, Onex signed a friendly deal to buy WestJet, paying $31 per […] Ed DLA Piper’s team was led by Laura Safran, Q.C. determination by the Minister of Transport which entails an assessment of the Recommendation of the WestJet Board of Directors. The approval under the Canada Transportation Act involves a determination by the Minister of Transport which entails an assessment of the public interest as it relates to national transportation. According to the airline, under the terms of the agreement, Onex and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will … Further details regarding the terms of the transaction are set out in the arrangement agreement, which will be publicly filed by WestJet under its profile at www.sedar.com. The purchase price represents a 67% premium to Friday’s closing share price and a 63% premium to WestJet’s 20-day volume-weighted average trading price. transaction, is forward-looking information within the meaning of applicable our first flight in 1996, WestJet has been singularly focused on providing

Since 1996, along with WestJet’s regional airline, WestJet Encore, the airline offers 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 their airline partnerships. Onex Corp has closed its acquisition of Calgary-based WestJet Airlines. our employees, and our unique ownership-driven culture.”. "WestJet is one of Canada's strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years. Onex: WestJet: Emilie Blouin Director, Investor Relations +1.416.362.7711: Investor Relations +1.877.493.7853 investor_relations@westjet.com Martin Cej culture. WestJet has agreed to pay a May 15, 2020. WestJet expects to mail an information circular in late June 2019 for a special meeting of its shareholders expected to be held in July 2019 to approve the transaction. dividend consistent with its dividend policy and past practice until closing. WestJet determined that the transaction is in the best interests of WestJet and WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion.

public interest as it relates to national transportation. Toronto based Onex is a leading private equity firm with approximately US$31 billion of assets under management. Onex reports $1.1-billion first-quarter loss on COVID-19 related market disruption. Assuming the timely Assuming the timely receipt of regulatory approvals, the transaction is expected to close in the latter part of 2019 or early 2020. endstream endobj startxref Tawfiq Popatia, a Managing Director at Onex, said that the company is “thrilled” to be partnering with WestJet. WestJet is permitted to continue paying its regular quarterly cash dividend consistent with its dividend policy and past practice until closing. After an extensive review of the proposedtransaction, the special committee provided its unanimous recommendation of thetransaction to the WestJet board of director… Tailor your perspective of our site by selecting your location and language below. risks and uncertainties, some of which are beyond WestJet’s and Onex’ control. on larger investment opportunities. Founded in 1984 and headquartered in Canada, Onex manages and invests capital in its private equity and credit platforms on behalf of investors from around the world. vote in favour of the transaction. Onex' security filings can also be accessed at www.sedar.com. 194 0 obj <>/Filter/FlateDecode/ID[<238FDA7890B9E544BB0F53B0B8B108EC><9AC879C206F9DE47B7E80DC1B855270C>]/Index[171 36]/Info 170 0 R/Length 113/Prev 193995/Root 172 0 R/Size 207/Type/XRef/W[1 3 1]>>stream The WestJet board of directors,

is one of Canada’s strongest brands and we have tremendous respect for the BofA Merrill Lynch has provided financial advisory services to the WestJet board of directors. Today we announced we have entered into a definitive agreement that provides for our acquisition in an all-cash transaction.

As a result of the transaction, WestJet … Equity financing will be led by Onex Partners. transaction to the WestJet board of directors. 171 0 obj <> endobj communities large and small. Completion of the transaction is subject to a number of conditions, including court and shareholder approval and receipt of certain regulatory approvals, including approval under the Canada Transportation Act. The Onex Partners and ONCAP businesses have assets of US$51 billion, generate annual revenues of US$31 billion and employ approximately 172,000 people worldwide. Each of CIBC Capital Markets and BofA Merrill Lynch has provided the WestJet board of directors with an opinion to the effect that, as of May 12, 2019, the consideration to be received by holders of WestJet shares in the transaction was fair, from a financial point of view, to such holders, in each case subject to the respective limitations, qualifications, assumptions and other matters set forth in such opinions. The transaction value is approximately $5 billion including assumed debt. revise any forward-looking information as a result of any new information, The transaction value is approximately $5 billion including assumed debt. Certain information set forth in this news release including, other conditions to the closing of the transaction have been satisfied or Onex previously announced on May 13, 2019, that it had entered into a definitive agreement to acquire all outstanding shares of WestJet for $31.00 each. Each of the directors and executive officers of WestJet has entered into a voting support agreement pursuant to which each has committed to vote in favour of the transaction. For more information about everything WestJet, please visit www.westjet.com. Onex shares trade on the Toronto Stock Exchange under the stock symbol Onex. Following an approach by Onex in March 2019, the WestJet board ofdirectors formed a special committee of independent directors to provide theBoard with its advice and recommendations with respect to the proposal fromOnex and the transaction, and to supervise the negotiation of the terms andconditions of the transaction. Subscriber content. “WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years. The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta). Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. receipt of certain regulatory approvals, including approval under the Canada WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas.



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