Air Canada enters agreement to acquire Air Transat

 Saturday, May 18, 2019

Air Canada has entered into an exclusive agreement to purchase Air Transat through a $520 million deal. The expected share will create a Montreal-based global travel services company in leisure, tourism and travel distribution.

 

 

All the necessary funding needed to complete the transaction was available with Air Canada which was not subjected to financing conditions.

 

 

This will be a great opportunity for stakeholders of both the companies.

 

 

Calin Rovinescu, president and chief executive of Air Canada said that it included the shareholders of both Transat and Air Canada, employees of both companies, who will benefit from increased job security and growth prospects.

 

The Canadian travellers will benefit from the merged company’s enhanced ability to participate as a leader in the highly competitive leisure travel market globally.

 

 

The acquisition has created a unique opportunity to compete with the very best in the world.

 

 

It will help in further growth of their hub at Montréal-Trudeau Airport, in 2012, 35 new routes were added since 2012 to benefit the Montreal and Quebec communities. From here ten million customers in 2018 were carried.

 

 

After definitive agreements, confirmatory due diligence, regulatory and shareholder approvals and other closing conditions the Air Canada transactions will be finalized.

Across Quebec 11 airports are being served by Air Canada.

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