Bayne Stanley/The Canadian Press
Air Canada said on Thursday it is in talks to buy Canadian tour operator Transat A.T. Inc in an all-cash deal valued at $520 million as the airline looks to create a Montreal-based global travel services company. Transat said it has agreed to a 30-day period of negotiations with Air Canada to finalize a deal. As part of the deal, Transat shareholders will receive $13 per share, a premium of 23 per cent to its Wednesday close.
The deal allows Air Canada to expand its hub at Montréal-Trudeau Airport, where it has added 35 new routes since 2012, said chief executive officer Calin Rovinescu in a statement.
globebusiness Great......the little competition Canadian's enjoyed will soon be gone!
globebusiness I hope passengers are the beneficiaries!
globebusiness Great - even less competition driving up Canadian aviation prices...
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