westjet onex

WestJet airlines was just sold for $5 billion

WestJet, one of Canada's only airlines, is set to become a private company in a new deal valued at $5 billion

Onex Corporation, one of Canada's most prominent private equity companies, will acquire the airline at $31 per share. The vote by shareholders is set for July of this year. 

Onex is headed up by Gerry Schwartz, husband of Indigo owner Heather Reisman, of "Heather's picks" fame. The company also once owned entertainment company Cineplex.

The company will remain based out of Calgary, if the deal goes through. The board of directors has recommended that shareholders vote in favour. 

The acquisition further shakes up Canada's airline industry, which has been gripped with the impending sale of Air Transat.

The Montreal-based airlines has been for sale for a little while, with many throwing their hats into the ring as potential bidders. 

Lead photo by

CJ Burnell


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