Air Canada Will Acquire Transat For Much Cheaper Under Updated Deal

Air Transat aircrafts are pictured at Charles de Gaulle Airport in Paris on Aug. 29, 2019.

The two companies announced Saturday they’d agreed on revised terms that would see Air Canada pay $5 a share for the parent company of Air Transat, compared to the $18 per share originally pledged in its takeover bid.“This is the worst crisis since the founding of Transat 33 years ago, and with a second wave of the pandemic underway, the timing of an eventual recovery remains uncertain,” Transat President and CEO Jean-Marc Eustache said in a statement.

The deal is endorsed by Transat’s board of directors and would allow shareholders to be paid in either cash or Air Canada shares. Air Canada said in a news release that the pandemic has had a devastating effect on the aviation industry and the value of airlines and their assets, but it still wants to proceed with the acquisition “at a reduced price and on modified terms.”

Well, there goes another decent airline into the morass that is Air Canaduh...

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Sounds monopolyish

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Air Canada reaches new agreement to acquire Transat AT at a reduced priceAir Canada is still looking to take Transat AT under its wing despite the COVID-19 pandemic that has rocked the airline industry, but it will pay far less than originally expected. Renaming both to, Air Fraud Airlines Is this a joke, as they are in the middle of trying to get another government bailout. They should never get tax breaks let alone bailouts. Corrupt POS And when AirCanada will reimburse the travelers whose flights were cancelled due to the pandemic? Thieves
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