CALGARY, Alberta -- Canadian private equity firm Onex Corp. has signed a friendly deal to buy Canada' second largest airline.
The all-cash deal for WestJet Airlines Ltd is valued at $5 billion Canadian ($3.71 billion).
Onex will pay $31 Canadian (US$23) per share for WestJet. The price represents about a 67 per cent premium on the shares.
It will be privately held and continue to be based in Calgary, Alberta.
The Toronto-based private equity firm approached the airline in March.
WestJet employs 14,000 people and has a fleet of about 180 planes.