The Onex Group Completes Acquisition of WestJet

All amounts in Canadian dollars unless otherwise stated

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.  The closing comes following the receipt of the final regulatory approval by the Canadian Transportation Agency of its determination under the Canada Transportation Act.

Pursuant to the Arrangement, shareholders of WestJet are entitled to receive $31.00 in cash for each share held at the effective time of the Arrangement.  A form of letter of transmittal pursuant to which registered shareholders of WestJet can submit their share certificates in order to receive the cash consideration under the Arrangement is being mailed to all registered shareholders.  A copy of the letter of transmittal has been filed on WestJet's profile at www.sedar.com and is being posted on WestJet's website.  Shareholders of WestJet who hold their shares through a broker are not required to submit a letter of transmittal; rather they will receive the cash consideration through their brokerage account.

The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days.  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’ portion of the total equity investment was approximately $345 million (US$265 million) as a Limited Partner in Onex Partners V.  Further terms of the transaction are not being disclosed. 

About Onex

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.  Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds.  In total, Onex has approximately US$38 billion of assets under management, of which approximately US$7.0 billion is its own shareholder capital.  With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.