When Onex Corp. set its sights on buying WestJet, it was a full circle moment for the Toronto-based conglomerate.
The headline for this edition of ‘It Happened This Week’ is: ‘Onex gets its airline this time around with its proposed $5 billion WestJet acquisition’
This wasn’t the first time Onex made headlines in the airline industry. Back in 1999 Onex made a play for both Air Canada and Canadian Airlines, proposing to merge the two carriers in a bid that also included American Airlines, which already owned part of Canadian Airlines.
Canadian Airlines wanted the Onex deal – but Air Canada didn’t. After a tense few weeks of back and forth, Onex dropped its bid, and Air Canada made its own play for Canadian Airlines. Air Canada ultimately got the go-ahead to acquire Canadian Airlines in a deal that was finalized in 2001.
This time around, years later, Onex got what it wanted. WestJet extensively reviewed a proposal from Onex and gave its unanimous recommendation to WestJet’s board of directors. After the requisite regulatory approvals, the deal closed by the end of the year.
Did the headline appear in Travelweek in 2015, 2017 or 2019?
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