By The Canadian Press

Onex buying West Jet

May 13, 2019 | 6:33 AM

CALGARY – Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a deal it valued at $5 billion, including assumed debt.

Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company.

WestJet shares closed at $18.52 on Friday.

The deal comes after Onex approached the airline in March.

Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals.

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It is expected to close in the latter part of 2019 or early 2020.