Quebec-based airline and vacation package supplier Transat has been publicly seeking an acquisition for a short period of time and now seems to have caught interest from Air Canada. This perhaps comes as no surprise this week as WestJet has completed an assessment approving an acquisition by investment business, Onex.
We shall see what comes of today's Letter of Intent, which is not actually a deal or obligation to make any transaction. Look forward to an update as information on any outcome becomes available.
Transat's board of directors apparently gave unanimous approval for the complete purchase by Air Canada in an all-cash takeover worth roughly $520 million. Mostly an outstanding shares bid, the news is more investment news than travel at this time as no details regarding overlapping services or enhancements to lift / inventory have been declared.
Read more here, straight from Air Canada