ONEX acquires WestJet for $ 5 billion

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Thunderclap in the Canadian sky while the investment fund ONEX will acquire WestJet for $ 5 billion. ONEX is offering $ 31 for each WestJet share, which represents a 67% increase over its market closing price last Friday.

This deal will make waves in Calgary as WestJet is an iconic symbol for Alberta’s economy. To have control of this Alberta flagship move to Ontario will certainly trigger some reaction to keep it in Albertans hands.

In the 1990s, ONEX attempted to acquire Air Canada and Canadian Airlines simultaneously to merge them. One wonders if it is not ONEX who is behind one of Transat A.T.’s hostile bids to merge with WestJet.

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