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WestJet purchased by Onex Corp

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WestJet purchased by Onex Corp

Old 13th May 2019, 13:55
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WestJet purchased by Onex Corp

CALGARY, May 13, 2019 /CNW/ - WestJet Airlines Ltd. ("WestJet")(TSX: WJA) announced today it has entered into a definitive agreement that provides for its acquisition in an all-cash transaction. Under the terms of the agreement, Onex Corporation ("Onex")(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. The purchase price represents a 67% premium to Friday's closing share price and a 63% premium to WestJet's 20-day volume-weighted average trading price. The transaction value is approximately $5 billion including assumed debt.
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Old 13th May 2019, 16:19
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Hang on to your hats westjetters. This flight is gonna be rough!
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Old 13th May 2019, 21:56
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" Who TF is Alice,,err Onex"
Anyone care to give a short intro?
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Old 13th May 2019, 22:33
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The Globe & Mail summarises the 35-year-old private equity firm Onex's business this way:

On its surface, Onex offers a straightforward model. It scours the world in search of undervalued or tarnished companies that it can polish up through cost-cutting, restructuring and expansion. It then holds onto, sells or lists the companies through an initial public offering. That stable of companies is also huge, making Onex a perennial Top 20 finisher in [the G&M's] annual ranking of Canada’s Top 1000 companies by revenue.

Wikipedia has a rather sparse entry:

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Old 13th May 2019, 23:18
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Oh god, private equity! My sympathies to the WestJet staff.
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Old 13th May 2019, 23:25
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Don't feel too sorry for the Westjetter employee/owners who will be celebrating their well earned wealth this evening.
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Old 13th May 2019, 23:28
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leveraged buyout? Or did they actually have their own money, either way, bye bye WestJet
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Old 28th Jun 2019, 16:59
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Jun 24, 2019, 3:52pm EDT Onex, which formerly owned Spirit AeroSystems Inc. in Wichita, cut its original offer for the Canadian airline over concerns including the grounding of the 737 MAX

Onex initially submitted a bid in March for the airline at $35.75 per share.

However it then sealed a cut-price deal at $31 per share after the grounding of Boeing 737 Max aircraft and the resulting uncertainty over its pathway to re-certification.

WestJet shareholders still need to approve the deal at a meeting next month.
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