By Canadian Press

calgary

Onex buying WestJet

May 13, 2019 | 7:33 AM

The Toronto-based private equity firm that owns Cineplex is buying WestJet Airlines.

Onex Corp. has signed a friendly deal to buy the airline in a transaction it valued at $5 billion, including assumed debt.

Under the agreement announced Monday, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.

Shares in the airline closed at $18.52 on Friday.

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WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline.

“I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created,” Beddoe said in a statement.

The deal comes after Onex approached the airline in March.