Air Canada is pleased by the announcement, earlier today, by Transat A.T. Inc. ("Transat") of the approval, by a majority of nearly 95% of its shareholders, of its Arrangement Agreement with Air Canada under which Air Canada will acquire all its issued and outstanding shares.
"We are pleased with the outcome of Transat's special meeting and grateful to Transat shareholders for this overwhelming show of support," said Calin Rovinescu, President and Chief Executive Officer of Air Canada. "We will build a combined company greater than the sum of its parts that we can all be proud of. We now look forward to engaging with Transport Canada and the Competition Bureau to secure the required approvals to complete the transaction and welcome the opportunity to demonstrate the many benefits it will bring."
"This is the best possible outcome for all stakeholders," added Mr. Rovinescu. "For shareholders of Transat and Air Canada, the combination delivers excellent value, while also providing increased job security for both companies' employees through greater growth prospects. Air Canada plans to preserve the Transat and Air Transat brands and maintain the Transat head office and its key functions in Montreal. Travellers will benefit from the combined companies' enhanced capabilities in the highly competitive, global leisure travel market and from access to new destinations, more connecting traffic and increased frequencies. Customers and the Quebec economy will derive maximum advantage of having a Montreal-based, growth-oriented global champion in aviation, the world's most international business, spurring more employment and securing Montreal's position as a leader among world aviation centres."