WestJet shareholders approve airline's acquisition by Onex Corp.
The tail of a WestJet plane is seen before the airline's annual meeting in Calgary, Tuesday, May 3, 2016.THE CANADIAN PRESS/Jeff McIntosh
CALGARY -- WestJet Airlines Ltd. says its shareholders and optionholders voted to approve a proposed acquisition by Onex Corporation.
The Calgary-based airline says 92.5 per cent of those who voted did so in favour of the transaction at a special meeting held Tuesday.
WestJet and Onex entered into an agreement May 12 for Onex to pay $31 per share for WestJet.
The deal would see the airline, which has been listed for about two decades on the Toronto Stock Exchange, operate as a privately held company.
WestJet CEO Ed Sims says in a statement that receiving this support is a key step on the path to closing the transaction.
The acquisition is still subject to closing conditions, including regulatory approvals.