Air Canada increases Transat acquisition offer to $720 mln

Air Canada (TSX: AC) has increased the purchase price for its acquisition of all the issued and outstanding shares of Transat AT Inc (TSX: TRZ), a Montréal-based tour operator, to $18 per unit. The amended all-cash deal, expected to close in early 2020, is now valued at about $720 million. In June, Air Canada offered to acquire the company for $13 per unit or about $520 million. Air Canada, Canada's largest airline, said the transaction has the support of Letko Brosseau & Associates Inc, Transat's largest shareholder with an interest of about 19.3 percent. Transat's other shareholders include Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec.

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