Shareholders of WestJet Airlines Ltd. (TSX:WJA) have voted 92.5% in favour of approving a proposed acquisition by Onex Corporation (TSX:ONEX).
Shareholders of the Calgary-based discount airline voted to support the transaction at a special meeting held on Tuesday night.
WestJet and Onex entered into an agreement on May 12 for Onex to pay $31 per share for a controlling stake in WestJet. The deal had to be approved by the airline’s shareholders and option holders.
Under terms of the deal, WestJet, which has been listed for two decades on the Toronto Stock Exchange, will now operate as a privately-held company. WestJet Chief Executive Officer Ed Sims said in a written statement that receiving the support of shareholders is a key step to finalizing the transaction.
The acquisition is still subject to closing conditions, including regulatory approvals.
