MONTREAL, Aug. 29, 2019 /CNW Telbec/ - Air Canada today
announced that the Superior Court of Quebec has granted a final order approving the
previously announced Plan of Arrangement for the proposed
combination of Air Canada and Transat A.T. Inc. There were no
objections made to the court to the application, which was approved
by nearly 95 per cent of shareholders at a special meeting of
Transat held on Aug. 23, 2019.
The acquisition will proceed by way of a court-approved plan of
arrangement pursuant to the Canada Business Corporations Act. The
transaction remains subject to regulatory approvals and the other
closing conditions set out in the Arrangement Agreement dated
July 19, 2019. If such approvals are
obtained and conditions are met, the transaction is expected to be
completed in 2020. Further details regarding the transaction are
provided in Transat's management proxy circular for the special
meeting of shareholders and in the Arrangement Agreement and the
Amending Agreement entered into between Air Canada and Transat,
copies of which are available on SEDAR
at www.sedar.com.
Air Canada in Montreal
Air Canada has strategically
developed Montreal-Trudeau (YUL) into an international gateway,
connecting its Quebec and
Atlantic Canada domestic network,
with its US transborder, Caribbean, European, North African,
Asia and South America flights.
Since 2012, Air Canada has launched 35 new routes from
Montreal-Trudeau to global markets including Shanghai, Beijing, Tokyo, Tel
Aviv, Lima, Sao Paulo, Casablanca. This growth has
ranked Montreal among the 50 most
internationally connected cities in the world. In 2018, Air
Canada served more than 10 million passengers at
Montreal-Trudeau.
Caution Regarding Forward-Looking Information
This news release includes forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements,
by their nature, are based on assumptions and are subject to
important risks and uncertainties. Forward-looking statements
cannot be relied upon due to, amongst other things, changing
external events and general uncertainties of the business. Actual
results may differ materially from results indicated in
forward-looking statements due to a number of factors. The
acquisition of Transat is subject to court approval, regulatory
approvals, and certain customary conditions and there are no
assurances that the acquisition will be completed as described in
this news release or at all. Any forward-looking statements
contained in this news release represent expectations as of the
date of this news release and are subject to change after such
date. However, except as required under applicable securities
regulations, any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, is disclaimed.
About Air Canada
Air Canada is Canada's largest domestic and
international airline serving nearly 220 airports on six
continents. Canada's flag carrier is among the 20 largest
airlines in the world and in 2018 served nearly 51 million
customers. Air Canada provides scheduled passenger
service directly to 62 airports in Canada, 54 in the
United States and 100 in Europe, the Middle East,
Africa, Asia, Australia,
the Caribbean, Mexico, Central
America and South America. Air Canada is a
founding member of Star Alliance, the world's most
comprehensive air transportation network serving 1,317 airports in
193 countries. Air Canada is the only international
network carrier in North America to receive a Four-Star
ranking according to independent U.K. research firm Skytrax, which
also named Air Canada the 2019 Best Airline in North America.
For more information, please visit: aircanada.com/media, follow
@AirCanada on Twitter and join Air Canada
on Facebook.
aircanada.com
SOURCE Air Canada