"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. "Since our first flight in 1996, WestJet has been singularly focused on providing better options for the Canadian travelling public and this transaction retains that commitment," said Clive Beddoe, WestJet's Founder and Chairman. WestJet has been sold to Toronto-based Onex Corporation for a cool $5 billion. Tawfiq Popatia, a Managing Director at Onex, said that the company is “thrilled” to be partnering with WestJet. Board with its advice and recommendations with respect to the proposal from Assuming the timely receipt of regulatory approvals, the transaction is expected to close in the latter part of 2019 or early 2020. special meeting to approve the transaction; the timing and anticipated receipt 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. See where we fly, what’s happening up in the sky and stay up-to-date with everything WestJet. provisions relating to non-solicitation, subject to customary “fiduciary out” Each of CIBC Capital Markets and BofA Merrill Lynch has provided Each of the directors and executive officers of WestJet has WestJet is Canada’s second largest airline, providing critical infrastructure to Canadians in the form of scheduled service to over 100 destinations in North America, Central America, the Caribbean and Europe. “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. Certain information set forth in this news release including, without limitation, WestJet's and Onex' management's expectations with respect to: the anticipated benefits of the transaction; the anticipated timing for the special meeting to approve the transaction; the timing and anticipated receipt of required regulatory approvals; and the anticipated timing for closing the transaction, is forward-looking information within the meaning of applicable securities laws. WestJet expects to mail an information circular in late June 2019 Onex reports $1.1-billion first-quarter loss on COVID-19 related market disruption. DLA Piper (Canada) LLP, working with lead counsel Goodmans LLP and US counsel Fried Frank, acted as counsel for Onex on ‎various aspects of this transaction. having received and considered the recommendation of the special committee, subject to a number of conditions, including court and shareholder approval and CALGARY (660 NEWS) – The sale of WestJet is now complete. CIBC Capital Markets is acting as financial advisor to WestJet. The Assuming the timely The transaction is to be completed by way of an arrangement under “I am May 15, 2020. WestJet is renowned internationally for its unparalleled guest experience and employee culture,” said Popatia. transaction at the special meeting of shareholders to be held to approve the 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. Blake, Cassels & Graydon LLP is serving as legal advisor to WestJet 0 We’re thrilled to be partnering with WestJetters and continuing this 194 0 obj <>/Filter/FlateDecode/ID[<238FDA7890B9E544BB0F53B0B8B108EC><9AC879C206F9DE47B7E80DC1B855270C>]/Index[171 36]/Info 170 0 R/Length 113/Prev 193995/Root 172 0 R/Size 207/Type/XRef/W[1 3 1]>>stream %%EOF Each of the directors and executive officers of WestJet has entered into a voting support agreement pursuant to which each has committed to vote in favour of the transaction. endstream endobj startxref Upon completion of the agreement WestJet now operates as a privately-held company. approve the transaction. transaction. 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.”. forward-looking information contained in this news release is based on certain The airline was also recognized among the Economy Class winners in North America, 2018. Today we announced we have entered into a definitive agreement that provides for our acquisition in an all-cash transaction. Our Platform Onex invests and manages capital on behalf of shareholders, institutional investors and high net worth clients from around the world. The purchaser has agreed to pay a fee to WestJet if, after all other conditions to the closing of the transaction have been satisfied or waived, the purchaser is not in a position to fund the closing of the transaction. 206 0 obj <>stream 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 shares trade on the Toronto Stock Exchange under the stock symbol Onex. Certain information set forth in this news release including, Blake, Cassels & Graydon LLP is serving as legal advisor to WestJet and Norton Rose Fulbright Canada LLP is serving as independent legal advisor to the special committee of WestJet's board. 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 the 1970s. “Since Onex invests through its two private equity platforms, Onex Partners for larger transactions and ONCAP for middle market and smaller transactions, and Onex Credit which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies. Daily Hive is a Canadian-born online news source, established in 2008, that creates compelling, hyperlocal content. assumptions concerning the anticipated benefits of the transaction and the 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 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. WestJet does not undertake to update, correct or In total, Onex has US$31 billion of assets under management, including US$6.6 billion of shareholder capital. The purchase price was C$5 billion. Forward-looking information may in some cases be identified by Onex Corporation; WestJet Airlines Ltd. Related articles. continue to build on the success that our 14,000 WestJetters have created. securities laws. �0��$#H�@hd�@���tc�b1�A��v@V0�7�s�+�_1w3e��|�9����C�s����zz-y�T ��10�~ directors formed a special committee of independent directors to provide the WestJet has agreed to pay a fee to the purchaser upon the termination of the agreement in certain circumstances. Read the full release here: https://t.co/oN87D2Iod2 pic.twitter.com/Bhf7nITLgg, “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. transaction was fair, from a financial point of view, to such holders, in each The transaction value is approximately $5 billion including assumed debt. Founded in 1984 and headquartered in Canada, Onex manages and invests capital in its private equity and credit platforms on behalf of investors from around the world. Toronto based Onex is a leading private equity firm with approximately US$31 billion of assets under management. WestJet is proud to be recognized for three consecutive years as Best Airline in Canada (2017-19) and awarded among travellers' favourite Mid-Sized Airlines in North America (2019). The investment will be led by Onex Partners, Onex' private equity platform focused on larger investment opportunities. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of the transaction. The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta). Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. Further details regarding the terms of the transaction are set out in the arrangement agreement, which will be publicly filed by WestJet under its profile at www.sedar.com. 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. latter part of 2019 or early 2020. Members use WestJet dollars towards the purchase of flights and vacations packages to any WestJet destination with no blackout periods, and have access to Member Exclusive fares offering deals to WestJet destinations throughout our network and those of our partner airlines. Under the terms of the agreement, Onex Corporation (“Onex”)(TSX: ONEX) and its affiliated funds will acquire all outstanding of WestJetshares for $31.00 per share, after which WestJet will operate as a privately-held company. After an extensive review of the proposedtransaction, the special committee provided its unanimous recommendation of thetransaction to the WestJet board of director…

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