Air Canada to Acquire Leisure Carrier Air Transat Parent

By Jesse Sokolow on 16 May 2019
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Air Canada announced Thursday it plans to acquire tour operator Transat AT, owner of Canadian leisure airline Air Transat, for 520 million Canadian dollars ($387 million).

“A combination with Transat represents a great opportunity for stakeholders of both companies,” said Air Canada CEO Calin Rovinescu. “The acquisition presents a unique opportunity to compete with the very best in the world when it comes to leisure travel.”

The move will also allow Air Canada to grow its Montreal hub, it said.

Transat, with 5,000 employees, offers vacation packages, hotel stays, and air travel in over 25 countries.

The two companies have agreed to a 30-day period of exclusive negotiations.

The transaction is subject to the completion of a definitive agreement, due diligence, and regulatory and shareholder approval.

At the start of the week, Air Canada competitor WestJet said it was being acquired by Onex, a private equity firm, in a C$5 billion deal.

(Photo: Accura Media Group)

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