Transat Announces Receipt of Final Court Approval for the Transaction with Air Canada

Transat A.T. Inc. ("Transat") today announced that the Superior Court of Quebec has issued a final order approving the previously announced plan of arrangement with Air Canada (the "Arrangement"). The Arrangement was also approved by 94.77% of shareholders present in person or by proxy at the special meeting of Transat held on August 23, 2019.

The Arrangement is still subject to certain closing conditions, including regulatory approvals described in Transat's management information circular dated July 19, 2019, as well as other customary closing conditions. In addition, a public interest assessment regarding the Arrangement is being undertaken by Transport Canada with input from the Commissioner of Competition. If the required regulatory approvals are obtained and conditions are met, it is now expected that the transaction will be completed by the second quarter 2020.

Further information regarding the Arrangement is provided in the managem²ent information circular dated July 19, 2019.