Air Canada to acquire tour operator Transat for $520 mln

Air Canada (TSX: AC) has agreed to acquire all of the issued and outstanding shares of Transat AT Inc (TSX: TRZ), a Montréal-based tour operator, for $13 per unit. The all-cash deal, expected to close in early 2020, is valued at about $520 million. Transat's board has approved the transaction and is recommending shareholder approval. Air Canada, Canada's largest airline, said the combination of the businesses will enhance capabilities in the global leisure travel market and offer customers more destinations and connections. Transat's shareholders include Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec.

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