Big Deal: WestJet to be sold to Onex Corporation
Calgary based airline become a private company If shareholder will approve then Onex Corporation will buy WestJet.
WestJet airline Ltd is a Canadian Airline founded in 1996. It started as a low-cost alternative to compete with major airlines. WestJet provides charted and scheduled air service 100+ destinations in Canada, the United States, Central America, Caribbean, Mexico, Europe.
WestJet is currently 2nd Largest airline service in Canada, after Air Canada. It is Operating average of 777 flight daily and more than 13000 employees working in the company.
The past year in 2018, WestJet Passenger earned revenue of CAN$ 4.733 billion. Company’s turn over- 2012: CAN $3427, 2013- CAN $3662, 2014- CAN $3977, 2015: CAN $2016, 2017- CAN $4507.
WestJet says it has to be acquired by Onex Corporation and will become a private company, Onex will pay an all-cash transaction it valued at $5 billion, including assumed liability.
Under the agreement announced Monday, Onex will pay to WestJet at $31 per share. Now It will operate as a Private Limited Company.