May 16, 2019 / 12:20 PM / 2 months ago

Air Canada to buy tour operator Transat in C$520 mln deal

May 16 (Reuters) - Air Canada said on Thursday it will buy Canadian tour operator Transat A.T. Inc in an all-cash deal valued at C$520 million ($387.51 million) to create a Montreal-based global travel services company.

As part of the deal, Transat shareholders will receive $13 per share.

The deal comes days after WestJet Airlines received a C$3.5 billion buyout offer from billionaire Gerry Schwartz’s private equity firm Onex Corp. ($1 = 1.3419 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur)

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