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15 February 2021 The Canadian government has approved a deal for Air Canada to acquire smaller rival Air Transat. The revised deal, now valued at C$190 million, was agreed in October last year in the wake of the Covid-19 shutdown of international travel. The deal remains subject undertakings agreed to by Air Canada designed to ensure effective competition in the market. Air Transat said approval from the European Commission was still pending, with a decision expected in the first half of the year. “We are currently working on adjusting all of the deadlines, including our financing agreements, in order to align them with the anticipated completion of the commission’s review process,” commented Jean-Yves Leblanc, chair of the special committee of the board of directors of Transat. ....
Measures to facilitate and encourage other airlines to take up former Air Transat routes to Europe; Preserving the Air Transat head office and brand in Quebec; Employment commitment of 1500 employees around the new entity s leisure travel business; Commitment to facilitate aircraft maintenance in Canada, prioritising contracts in Quebec; A price monitoring mechanism; Launch and operation of new destinations within the first five years. The parties now require the approval of the European Commission. Given the time required for the commission to review the last additional information requested, the review period has been extended and a decision is expected to be rendered in 1H2021. Air Transat will discuss with Air Canada the appropriateness of extending the outside date for the consummation of the arrangement, which is currently set at 15-Feb-2021. After this date, if it is not extended, the arrangement will remain in effect, unless terminated by one of the ....
Transat AT, the parent of Canadian holiday specialist Air Transat, is publicly rejecting an unsolicited potential takeover bid as the company waits for regulatory approval of its sale to Air Canada ....
MONTREAL - Transat AT has reconfirmed its unanimous support for its proposed acquisition by Air Canada while issuing a clarification about a proposal from t ....