Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt.
Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.
WestJet shares closed at $18.52 on Friday.
The deal comes after Onex approached the airline in March.
Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals.
It is expected to close in the latter part of 2019 or early 2020.