Onex Corporation Buys WestJet

WestJet’s C-E-O says there are no job losses planned as a direct consequence of the purchase of the airline by private equity firm Onex.

Ed Sims will remain in his chief executive role after Onex signed a friendly deal to buy Westjet in an all-cash transaction of 3.5-billion dollars.

Under the purchase agreement, WestJet will operate as a privately held company after spending two decades on the Toronto Stock Exchange.

Tawfiq Popatia, a managing director at Toronto-based Onex, expressed confidence in the airline’s trajectory, which has seen it evolve from a low-cost regional carrier to a full-service international airline.

Popatia added that Onex will continue the current employee profit-sharing program that sees a portion of profits distributed twice a year to all 14-thousand WestJet employees, on top of an annual bonus.

Files from Canadian Press

 

Image Westjet https://www.westjet.com/en-ca/about-us/fleet/767-aircraft

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