Air Canada to Acquire Transat in Deal Valued at $387 Million

By Jesse Sokolow on 27 June 2019
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IMG_0597 (1)Air Canada said Thursday it had reached a definitive agreement to acquire tour operator Transat AT, owner of Canadian leisure airline Air Transat, for 520 million Canadian dollars ($387 million).

The announcement follows the expiration of a 30-day period of exclusive negotiations.

The Canadian flag carrier said the deal will result in a “global leader in leisure, tourism and travel distribution.”

The prospect of a deal was announced on May 16, 2019. On June 4, Quebec developer Group Mach made a rival offer for Transat for $14 per share.

Following the close of the transaction, which is subject to regulatory approval, the two airlines will continue to operate under their respective brands.

“This combination delivers excellent value, while also providing increased job security for both companies’ employees through greater growth prospects,” said Air Canada CEO Calin Rovinescu.

(Photo: Accura Media Group)

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