Canadian Competition Bureau approves WestJet's proposed transaction with Onex
WestJet Airlines Ltd. (TSX:WJA.TO) ("WestJet") today announced that the Canadian Competition Bureau has granted unconditional approval for WestJet's proposed transaction with Onex Corporation ("Onex") (TSX:ONEX.TO) (the "Arrangement") by issuing a no-action letter.
Ed Sims, WestJet's President and Chief Executive Officer, said, "Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction. We continue to engage with the relevant authorities on the remaining approvals."
The Arrangement is still subject to other conditions to closing, including receipt of the remaining regulatory approvals.
Further information regarding the Arrangement is provided in WestJet's management information circular dated June 19, 2019. The transaction is expected to close in the fourth quarter of 2019.
Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding 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. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet's control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by WestJet, including expectations and assumptions concerning the anticipated benefits of the transaction and the receipt, in a timely manner, of regulatory and court approvals in respect of the transaction.
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. The key risks and uncertainties include, but are not limited to: general global economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; relationships with employees, customers, business partners and competitors; and diversion of management time on the transaction. There are also risks that are inherent in the nature of the transaction, including failure to satisfy the conditions to the completion of the transaction and failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for completion of the transaction may change for a number of reasons, including the inability to secure necessary regulatory, court or other approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction. 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. A comprehensive discussion of other risks that impact WestJet can also be found in WestJet's public reports and filings which are available under WestJet's profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
The WestJet Group of Companies including regional airlines, WestJet Encore and WestJet Link, and ultra-low-cost carrier Swoop, offer scheduled service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through our airline partnerships. WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas. Members of the WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. 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.
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). From 2017-2018, WestJet was also awarded among travellers' favorite Mid-Sized and Low-Cost Airlines in North America. The airline was also recognized among the Economy Class winners in North America, 2018. All awards are based on authentic reviews from the travelling public on TripAdvisor, the world's largest travel site. We are one of very few airlines globally that does not commercially overbook.
WestJet is publicly traded on the Toronto Stock Exchange (TSX) under the symbol WJA. For more information about everything WestJet, please visit westjet.com.
Recent recognition includes:
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)
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SOURCE WESTJET, an Alberta Partnership
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SOURCE: WESTJET, an Alberta Partnership
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