Shares in WestJet soared yesterday, closing nearly 60 per cent higher at 29 dollars and 61 cents, on news that the company is being bought by Toronto-based private equity firm Onex Corporation in a friendly deal worth $5-billion dollars. Subject to shareholders’ approval, the deal would see the Calgary-based airline operate as a privately held company after two decades on the Toronto Stock Exchange. Onex says it will continue with the current employee profit-sharing program. WestJet’s chairman is pleased WestJet will stay headquartered in Calgary. The CEO expects no direct job losses among its 14,000 employees.
Contains files from The Canadian Press
Photo Credit: Westjet