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Onex Corp. to buy WestJet for $5B, including debt

Last Updated May 13, 2019 at 1:25 pm EST

A pilot taxis a Westjet Boeing 737-700 plane to a gate after arriving at Vancouver International Airport in Richmond, B.C., on February 3, 2014. WestJet Airlines Ltd. has apologized to passengers who spent an extra day and half in Mexico over the weekend, many without the hotel rooms the airline had said would be available following a cancelled flight from Cancun to Ottawa. About 150 passengers found themselves stranded on the Yucatan Peninsula Saturday after a pair of mechanical issues caused a four-hour flight delay and an eventual cancellation. THE CANADIAN PRESS/Darryl Dyck

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.