WestJet, Canada's second largest airline, has agreed to be purchased by Canadian private equity firm Onex in a $5 billion deal
WestJet has long been considered the Southwest Airlines of Canada. Like Southwest, the 23-year old WestJet offers lower fares than its rivals and originally flew an all-737 fleet. That has pressured Canada's No. 1 airline, Air Canada , and US airlines serving Canada to keep fares in check. WestJet's 737 Max planes have been grounded for two months.In recent years WestJet has become a more full-service airline, with business and first-class seats.
When the planes were grounded in mid-March, it hurt WestJet more than many other carriers: About 8% of its fleet has been grounded. The company stopped providing earnings guidance for the rest of the year, which depressed its share price.Why it's now cheaper than ever to fly across the AtlanticWestJet said it received the offer from Onex in March and has been studying it since then.
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