Onex Corporation recently announced the sale of WestJet Airlines to a private sector investor, marking a significant shift in the ownership of the Canadian airline. The transaction was initially valued at approximately CAD $5 billion, including the assumption of WestJet’s debt. This acquisition by Onex was completed in December 2019, following regulatory approval from the Canadian Transportation Agency.
The sale was part of Onex’s strategy to enhance its investment portfolio in North America. WestJet shareholders were entitled to receive CAD $31 per share in cash, reflecting a premium on the stock’s value at the time. Onex’s portion of the equity investment amounted to approximately $345 million. The deal also led to the delisting of WestJet from the Toronto Stock Exchange, marking its transition from a publicly traded company to private ownership.
This acquisition fits into Onex’s broader portfolio, which includes private equity investments in large-scale opportunities across various sectors.