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17-May-2019 11:57 AM

Air Canada proposes to acquire Transat AT, create global travel services company

Air Canada entered (16-May-2019) an exclusive agreement with Transat AT to potentially combine the companies. Air Canada proposed to acquire all issued and outstanding shares of Transat at CAD13 (USD9.6) per share. The transaction value is approximately CAD520 million (USD386.1 million), and remains subject to finalisation of definitive agreements, confirmatory due diligence, regulatory and shareholder approvals and other closing conditions. The proposed transaction is expected to create a global travel services company in leisure, tourism and travel distribution, which will be based in Montreal and operate across Canada and internationally. The airline stated it has the necessary funding to complete the transaction. [more - original PR - Air Canada] [more - original PR - Transat AT - English/French]

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