Onex offered C$31 a … Onex Corporation and WestJet Airlines Ltd. announced on December 11, 2019 that they have completed their previously announced purchase agreement valued at approximately $5 billion including assumed debt. Our Platform Onex invests and manages capital on behalf of shareholders, institutional investors and high net worth clients from around the world. A Westjet Boeing 737 departs Vancouver International Airport (photo: Brett Ballah) A little more than 20 years after he tried to buy and merge Air Canada and Canadian Airlines International, Toronto financier Gerry Schwartz finally owns an airline. All amounts in Canadian dollars unless otherwise stated – The Onex Group Completes Acquisition of WestJet – CALGARY, Alberta, TORONTO, Ontario, December 11, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds (the “Onex Group”) and WestJet Airlines Ltd. Private equity firm Onex Corp. is making its long-coveted leap into aviation by signing a friendly deal to buy WestJet Airlines Ltd. in an all-cash transaction of $3.5 billion. FOR IMMEDIATE RELEASE . Private equity firm Onex Corp. posted a US$1.1-billion loss in the first quarter as it wrote down the value of WestJet Airlines and other holdings due to the impact of the COVID-19 outbreak. WestJet Airlines remains firmly committed to Calgary and Alberta, CEO Ed Sims vowed, hours after news broke of the company’s pending sale to Toronto-based private equity firm Onex Corp… 1 . This capital is committed to or invested in Onex’ various platforms. As a result of the transaction, WestJet … The purchase price was C$5 billion. Onex Corp. agreed to pay cash for Canada’s second-biggest carrier, and plans to take the company private in one of the buyout firm’s biggest deals. Under the terms of the agreement, Onex Corporation ("Onex")(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. READ MORE: WestJet to be sold in friendly deal to Onex Corp. for $5 billion Asper is the son of Izzy Asper, who founded CanWest Capital with Schwartz in the 1970s. Onex Corp has closed its acquisition of Calgary-based WestJet Airlines. His Onex Corporation announced Wednesday that it had completed its $5 billion bid to buy Westjet. WestJet says it has agreed to be acquired by Onex Corp. and will become a private company in a transaction valued at $5 billion including debt.