Air Transat Shareholders Give Air Canada Deal The Green Light

Air Canada has the support of Air Transat’s shareholders. On August 23rd, shareholders voted to back Air Canada’s bid for Air Transat. Once the government approves this plan and additional conditions are met, Air Canada will have taken over Air Transat. The estimated completion date is early 2020. Air Transat’s shareholders vote Air Canada’s press release indicates that nearly 95% of shareholders backed the agreement. This agreement allows for Air Canada to acquire all of Air Transat’s issued and outstanding shares. Air Canada’s President and CEO Calin Rovinescu, had the following to say: We are pleased with the outcome of Transat’s special meeting and grateful to Transat shareholders for this overwhelming show of support. The latest obstacle A few days ago, Simple Flying wrote about an obstacle to the deal in the form of businessman Pierre Karl Péladeau. He took issue with the deal and urged shareholders to reject the deal. However, with only a 1.6% stake, he could not muster up the forces to take down the deal entirely. Air Canada did have the backing of Transat’s largest shareholder. Air Canada increased their purchase price In order to make the deal more enticing for shareholders, Air Canada upped their purchase price earlier in August to CAD$720 million. Air Canada went all in for Air Transat.

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