Onex signs agreement to buy WestJet in deal valued at 5B

Onex Corp. has signed a friendly deal to buy WestJet  in an all-cash transaction it valued at $5 billion, including assumed debt.Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. The price represents about a 67% premium to the shares, which closed at $18.52 on Friday. The stock shot up 61% or $11.23 to $29.75 in mid-morning trading Monday.WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline. In a statement he said, “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.”The deal comes after Onex, a Toronto-based private equity firm, approached the airline in March. read more