WestJet: Onex takeover could bring more business-class choice, flights to Asia. The purchase price was C$5 billion. WestJet to be sold in friendly deal to Onex Corp. for $5 billion. May 13 (Reuters) - Billionaire Gerry Schwartz pounced on Canada's WestJet Airlines WJA.TO on Monday as his private equity firm Onex Corp ONEX.TO offered to buy the struggling airline for C$3.5 billion ($2.6 billion), betting it can turn around its recent decline by taking the company private.. Onex Corporation has made a $5 billion offer to buy WestJet. The deal comes after Onex, a Toronto-based private equity firm, approached the airline in March. Under the agreement announced on Monday, Onex will pay $31 per share for WestJet, . “But we’ll be watching very carefully to make sure those promises are kept.”, Premier Jason Kenney applauded the sale, calling WestJet “a great Alberta success story.”. In total, Onex has US$31 billion of assets under management, including $6.6 billion of shareholder capital. The wealthy Canadian behind a deal to buy WestJet has a reputation for his stellar business acumen and owning a mansion among mansions in downtown Toronto, but a longtime family friend says the titan has not forgotten his humbler beginnings. The couple’s home in Toronto’s Rosedale neighbourhood, nicknamed “Fort Schwartz,” has a reputation as possibly the most expensive in the city. Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days. He has an almost incomparable reputation for business — Onex is considered a global force in private equity — and for philanthropy. A Westjet Boeing 737 departs Vancouver International Airport (photo: Brett Ballah) A little more than 20 years after he tried to buy and merge Air Canada and Canadian Airlines International, Toronto financier Gerry Schwartz finally owns an airline. Onex offered C$31 a … About Onex . Speaking to the media on Monday, Calgary Mayor Naheed Nenshi said he was told no jobs would be lost in the process. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. WestJet’s board of directors has unanimously recommended shareholders vote in favour of the deal at a meeting expected to be held in July. Under the terms of the agreement, Onex and its affiliated funds “will acquire all outstanding shares of WestJet for $31.00 per share”. He’s been inducted into the Canadian Business Hall of Fame and is an officer of the Order of Canada. WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline. Schwartz’s private equity firm Onex Corp. ( ONEX.TO ) agreed to pay cash for Canada’s second-biggest carrier, and plans to take the company private in one of the buyout firm’s biggest deals. He’s also willing to share knowledge he’s accrued over the decades. As a result of the transaction, WestJet will be … The price represents about a 67 per cent premium to the shares, which closed at $18.52 on Friday. “This in turn will support our government’s tourism and economic development strategies, connecting Alberta to a growing number of markets around the world.”. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. Want to discuss? Founded in 1984 and headquartered in Canada, manages and invests capital in its private equity and Onex credit platforms on behalf of investors from around the world. Onex Corp has closed its acquisition of Calgary-based WestJet Airlines. Onex Buys WestJet In “Friendly” Purchase For $5B TOPICS: Westjet. Onex Corp., the private-equity company led by Gerry Schwartz, has struck a deal to buy WestJet Airlines Ltd. for $3.5-billion, seizing control of the country’s No. Onex Corp has closed its acquisition of Calgary-based WestJet Airlines. Meanwhile, Encore pilots have voted in favour of a five-year agreement that runs until Jan. 1, 2024, and WestJet pilots agreed to a settlement process last May. Private equity firm Onex Corp. posted a US$1.1-billion loss in the first quarter as it wrote down the value of WestJet Airlines and other holdings due to the impact of the COVID-19 outbreak. “A successful career doesn’t have to follow a straight line,” he said. The stock shot up 61 per cent or $11.23 to $29.75 in mid-morning trading Monday. Canadian private equity firm Onex bought Calgary-based WestJet Airlines, paying a 67% premium to Friday’s closing share price.Under the agreement, Onex will pay $31.00 per share for WestJet. “[Onex] said they are entirely focused on growth and that’s good news for WestJet and good news for Calgary,” Nenshi said. Onex: WestJet: Emilie Blouin Director, Investor Relations +1.416.362.7711: Investor Relations +1.877.493.7853 investor_relations@westjet.com Martin Cej By Kelly Geraldine Malone The Canadian Press Posted May 13, 2019 4:27 pm . WestJet shareholders to receive $31.00 per share in cash; Acquisition recognizes and continues WestJet’s industry-leading commitment to guest experience and employee culture. Ryder speculates that Onex, with its sizable war chest for acquisitions, might want to buy one of the discount airlines in Canada and merge it with Swoop, WestJet's ultra-low-cost carrier. It’s all worlds away from Schwartz’s formative years in Winnipeg, Asper said with a laugh. Analyst Doug Taylor of Canaccord Genuity said the Onex deal likely will not “dramatically alter” the competitive landscape. By Allison Lampert and Debroop Roy. WATCH: WestJet sold to Onex. But things didn’t go according to plan. WestJet. The private equity firm is not new to investing in the aerospace industry - it bought Spirit Aerosystems from Boeing Co in 2005 and exited its investment in 2014, having made US$3.2 billion. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. By 1984, that partnership was dissolved, and Schwartz took his portion of the industrial assets to start Onex. The two companies announced Monday morning that a definitive agreement had been reached for the all-cash transaction, which is expected to close later this year or early 2020. Updated May 13, 2019 5:39 pm. On Monday it was announced that the Toronto-based private equity firm Onex Corp. signed a deal to buy the Calgary-based airline for $3.5 billion. Nearly 20 years after abandoning his hostile bid for Air Canada, Gerry Schwartz finally got his airline by agreeing to buy WestJet Airlines Ltd. for C$3.5 billion ($2.6 billion). “Even though he’s been in Toronto now for probably a majority of his life, I don’t think he’s ever lost that sense of being a Winnipegger,” said David Asper. WestJet to be sold in friendly deal to Onex Corp. for $5 billion. But he was extremely close with his father, a local businessman and auto-parts dealer. His Onex Corporation announced Wednesday that it had completed its $5 billion bid to buy Westjet. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. . Onex's $5B acquisition of WestJet closes. Following an approach by Onex in March 2019, the WestJet board ofdirectors formed a special committee of independent directors to provide theBoard with its advice and recommendations with respect to the proposal fromOnex and the transaction, and to supervise the negotiation of the terms andconditions of the transaction. Last May, Onex signed a friendly deal to buy WestJet, paying $31 per […] WestJet … “This $5-billion investment in WestJet is an important sign of confidence in the future of Alberta’s economy,” Kenney said in a statement. Canadian private equity firm Onex Corp. is buying WestJet Airlines Ltd. for $5 billion, including debt, and taking Canada’s second-biggest airline private. READ MORE: Please read our Commenting Policy first. Under the agreement, Onex will pay $31 per share for WestJet and the airline will continue to operate but as a privately held company. Terms of the deal will see Onex Corporation and its affiliated funds acquire all outstanding shares of WestJet for $31 per share, after which WestJet will operate as a privately-held company. Sean O’Shea reports. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. “Onex has very deep pockets…If that means WestJet growing faster internationally, acquiring more long-haul fleets to fly abroad, those are good things and that will create a positive pricing environment for consumers.”, READ MORE: WestJet going to Canada’s highest court to quash proposed class action harassment lawsuit. Onex Corp. agreed to pay cash for Canada’s second-biggest carrier, and plans to take the company private in one of the buyout firm’s biggest deals. “He was very vivacious and loved to laugh and was full of life.”. With Schwartz leading the way, WestJet’s success will soar, Thorsteinson predicted. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. It was announced on Monday morning that WestJet Airlines Ltd. has been acquired by Toronto-based Onex Corporation (“Onex”). The airline will become a private company in a deal valued at $5 billion including assumed debt. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. “WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years,” said Tawfiq Popatia, a managing director at Onex. Onex Corp. announced Wednesday it has officially taken over the Calgary-based company for $5 billion including assumed debt. Want to discuss? “The powerful legacy of Gerry, over the course of his life to this day, is that he actually inspires people to think big, to think critically and to have confidence to pursue what it is you are pursuing.”, Arni Thorsteinson, a founding director of Onex, said Schwartz continues to use values from his father and Prairie upbringing in his current business practices. Onex first approached WestJet's board in March. “I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created,” Beddoe said in a statement. The two companies announced Monday morning that a definitive agreement had been reached for the all-cash transaction, which is expected to close later this year or early 2020. Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. Onex Corp. announced Wednesday it has officially taken over the Calgary-based company for $5 billion including assumed debt. In an online video from when he accepted the 2016 Horatio Alger Award, he explained how his mother was deaf, which resulted in her being very distant. media@westjet.com. WestJet Airlines Ltd. (WJA.TO) announced it has agreed to be acquired by private equity firm Onex Corp. (ONEX.TO) in a $5-billion deal, including debt.The Calgary-based airline said in a release Monday that Toronto-based Onex will pay $31 per share in cash, representing a … Asper remembers meeting Schwartz when the now famous financier was articling under his father in the 1960s. Onex announced it was buying WestJet for $5 Billion on Monday. . As a result of the transaction, WestJet will be … Onex buys Westjet 2019-05-13 2019-06-17 chungo Darryl Dyck / The Canadian Press. He has donated millions to universities and hospitals. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. Onex to buy WestJet for $5 billion. Under the agreement announced Monday, Onex will pay $31 per share, or $3.5 billion, for WestJet. Ryder speculates that Onex, with its sizable war chest for acquisitions, might want to buy one of the discount airlines in Canada and merge it with Swoop, WestJet's ultra-low-cost carrier. In 1999, Onex offered $1.8-billion in a bid to acquire and merge Canadian Airlines and Air Canada. “You can afford to make choices that turn out to be serious mistakes and time will let you correct the trajectory that you want to be on.”. 2019 05 14 * Onex to add airline business with deal to buy WestJet for $3.5B plus debt . Under the agreement announced Monday, Onex will pay $31 per share, or $3.5 billion, for WestJet. Onex tried to buy Air Canada in 1999 but was prevented from doing so under the existing regulations. Asper said the mutual respect both men had for each other in business — and as friends — was maintained. It has just been announced that WestJet is being acquired by Onex Corporation, which is a massive private equity firm.The transaction value is approximately $5 billion, including assumed debt. The deal comes after […] WestJet buyout: From rewards to travel plans, what to know about Onex’s $5B deal. “Our government’s Job Creation Tax Cut and Red Tape Reduction Strategy sends a message to investors like Onex that Alberta is open for business. WestJet to be Acquired by Onex. Onex to buy WestJet for $5 billion Posted on May 13, 2019 by Skies Magazine Onex Corporation has signed a deal to buy WestJet Airlines Ltd. for approximately $5 billion and plans to operate it as a privately-held company following the conclusion of the transaction, it was announced today. It’s a great opportunity.”, Meet the wealthy Canadian behind Onex and the deal to buy WestJet, Calgary based Westjet to be purchased by Onex Corporation in multi-billion dollar deal, WATCH ABOVE: Calgary based Westjet has been purchased by Onex Corporation in a multi-billion dollar deal. Last May, Onex signed a friendly deal to buy WestJet, paying $31 per […] Onex Buys WestJet. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. Please read our Commenting Policy first. The two companies revealed they had been in talks since March. Onex’ aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future.” “WestJet is one of Canada’s strongest brands and we have tremendous respect for the business that Clive Beddoe and all WestJetters have built over the years. CALGARY — Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a transaction it valued at $5 billion, including assumed debt. WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion. In an interview from London, England, Thorsteinson called his friend “one of the great Canadian visionaries in business.”. ONEX, WestJet’s parent stock, is a better choice for investors who want some exposure to the recovery potential of airlines but don’t want their entire investment exposed to the sector. Onex first approached WestJet in March. Meet the wealthy Canadian behind Onex and the deal to buy WestJet. His private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. In our view, a private equity owner of an airline is likely to remain rational with respect to its approach to yields and profitability vs. market share,” he said in a note to clients. Heather Yourex-West reports – May 13, 2019, WestJet profits up despite lingering concerns over 737 Max grounding and Swoop, Provinces urge feds to ramp up rapid testing at airports amid new COVID-19 variant, ‘The big one’: WHO warns future pandemics could be worse than coronavirus, Remembering the celebrities we lost in 2020, ‘The world is never going to forget me,’ suspect in Nashville explosion told neighbour, Ontario reports single-day record of 2,553 new coronavirus cases on Tuesday, 1,939 on Monday, Coronavirus: Ontario expects to vaccinate up to 8.5 million people by end of June, UBC grad sentenced to 6 years in Saudi prison for defying ban on women driving, U.S. House approves $2,000 coronavirus aid cheques demanded by Trump, Concerns grow over new coronavirus variant in Canada, Nashville police release CCTV video capturing moment of Christmas bombing, Saudi activist Loujain al-Hathloul sentenced to nearly 6 years in prison, Coronavirus: Multiple cases of COVID-19 variant found in Ontario, Toronto-based private equity firm Onex Corp. signed a deal to buy the Calgary-based airline, WestJet to be sold in friendly deal to Onex Corp. for $5 billion, WestJet buyout: From rewards to travel plans, what to know about Onex’s $5B deal, WestJet: Onex takeover could bring more business-class choice, flights to Asia, CUPE certified to represent hundreds of flight attendants at WestJet Encore, WestJet Airlines’ Q4 earnings down 39% in part due to high jet fuel costs. 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