WestJet Airlines is a leading Canadian airline providing air services to over 100 destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean. Onex committed $345-million of its own capital to the WestJet acquisition. The purchase price was C$5 billion. Founded in 1984 and headquartered in Canada, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. For further information about these entities and DLA Piper's structure, please refer to the Legal Notices page of this website. Forward-looking statements are not guarantees. CALGARY, Alberta and TORONTO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds (the “Onex Group”) and WestJet Airlines Ltd. (“WestJet”)(TSX: WJA) today announced they have completed their transaction (the “Arrangement”) valued at approximately $5 billion including assumed debt. 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. READ MORE: WestJet to be sold in friendly deal to Onex Corp. for $5 billion Asper is the son of Izzy Asper, who founded CanWest Capital with Schwartz in … 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. arrangement agreement between WestJet and the Purchaser dated May 12, 2019 (the Arrangement Agreement), acquire all of the issued and outstanding Shares at a price of $31.00 per Share in cash. Under the terms of the agreement, Onex Corporation 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. DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. Canadian airline WestJet has today announced that it has reached an agreement with Canadian company and equity firm Onex Corporation to sell the airline in a deal worth CA$5 billion. 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. ONEX Cororation (TSX:ONEX) is a cheper, diversified way to play a 2021 recovery from the COVID-19 crisis than the likes of an Air Canada (TSX:AC).The post Forget Air Canada: Buy WestJet Airlines' Parent for a Big 2021 Recovery appeared first on The Motley Fool Canada. In total, Onex has approximately US$38 billion of assets under management, of which approximately US$7.0 billion is its own shareholder capital. The airline was also recognized among the Economy Class winners in North America, 2018. With a roster of internationally recognized senior practitioners with broad experience covering all aspects of aviation law, DLA Piper Canada’s Aviation group is unrivalled in the range and scope of aviation law practice in Canada. The completion of Onex Corp.'s $5 billion purchase of Calgary-based WestJet marks the largest private equity deal in aviation history and is cause for "quiet relief and satisfaction," WestJet … Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt. Onex Corporation is now in control of WestJet. Onex Corporation and WestJet Airlines Ltd. announced on December 11, 2019 that ‎they have completed their previously announced purchase agreement valued at approximately $5 billion ‎including assumed debt. 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. WestJet Dreamliner / WestJet WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion. Onex Corporation (“Onex”) and WestJet Airlines Ltd. (“WestJet”) announced on December 11, 2019 that ‎they have completed their previously announced purchase agreement valued at approximately $5 billion ‎including assumed debt. All amounts in Canadian dollars unless otherwise stated. Toronto based Onex is a leading private equity firm with approximately US$31 billion of assets under management. Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. Upon completion of the agreement WestJet now operates as a privately-held company. 2019/2018/2017 Best Airline in Canada (TripAdvisor Travellers' Choice awards for Airlines)2019 Winner Among Mid-Sized Airlines in North America (TripAdvisor Travellers' Choice awards for Airlines)2018/2017 Winner Among Mid-Sized and Low Cost Airlines – North America (TripAdvisor Travellers' Choice awards for Airlines)2018 Winner – Economy, North America (TripAdvisor Travellers' Choice awards for Airlines)2018 Number-One-Ranked Airline Credit Card in Canada (Rewards Canada)2018 North America's Best Low-Cost Airline (Skytrax)2018/2017/2016 Canada's Most Trusted Airline (Gustavson School of Business at the University of Victoria), Connect with WestJet on Facebook at facebook.com/westjetFollow WestJet on Twitter at twitter.com/westjetFollow WestJet on Instagram instagram.com/westjet/Subscribe to WestJet on YouTube at youtube.com/westjetRead the WestJet blog at blog.westjet.com. Calgary-based airline WestJet has agreed to be sold to Onex Coroporation in an all-cash deal worth $5 billion, the company announced Monday. DLA Piper is a global law firm operating through various separate and distinct legal entities. 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 … Onex Corp has closed its acquisition of Calgary-based WestJet Airlines. Due to closing of the Arrangement having occurred before December 18, 2019, the former public shareholders of WestJet will not receive the previously declared quarterly dividend to be paid on December 31, 2019. Onex Corp. announced Wednesday it has officially taken over the Calgary-based company for $5 … CALGARY (660 NEWS) – The sale of WestJet is now complete. The closing comes following the receipt of the final regulatory approval by the Canadian Transportation Agency of its determination under the Canada Transportation Act. Per the agreement, Onex Corporation will buy all of WestJet's outstanding shares for $31.00 each. These cautionary statements expressly qualify all forward-looking statements in this press release. © 2020 DLA Piper. Canadian airline WestJet has today announced that it has reached an agreement with Canadian company and equity firm Onex Corporation to sell the airline in a deal worth CA$5 billion. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Privately held company Mid-Sized and Low-Cost Airlines in North America Onex is a global firm... 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