Minister of Transport OKs Onex's $3.5 bln WestJet buyout

Onex Corp has received approval from the federal Minister of Transport to acquire Calgary-based carrier WestJet Airlines Ltd (TSX: WJA). Last month, the Canadian private equity firm offered to buy WestJet, Canada’s second-largest carrier, for $31 per share. The deal is valued at $3.5 billion, or $5 billion including debt. The Minister of Transport concluded the acquisition "does not raise public interest issues as related to national transportation," WestJet said. The deal remains subject to other regulatory approvals, approval by WestJet shareholders, and final approval by the Court of Queen’s Bench of Alberta.

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