Onex Corp Purchases WestJet

Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt.

Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.

WestJet will remain headquartered in Calgary.

Onex Corporation is a private equity and credit investor and manager founded in 1984. As of December 31, 2018, it had approximately US$31 billion of assets under management. Its private equity investments are made through its Onex Partners and ONCAP family of funds.

WestJet was founded in 1996. It began as a low-cost alternative to the country's competing major airlines.

WestJet provides scheduled and charter air service to 100+ destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean.