ONLY the completion of due diligence by the end of the month is holding up finalisation of Air Canada's acquisition Transat AT Inc, owner of Canadian carrier Air Transat, reports London's Air Cargo News.
Montreal-based Transat AT Inc, which employs 3,000 people, offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands to 60 destinations in 25 countries in the Americas and Europe.
Air Canada announced on May 16 that it had entered into an exclusive agreement with Transat regarding the acquisition, though the agreement remained subject to Air Canada completing a 30-day due diligence period.
The deal would result in job creation and economic growth in Quebec, an Air Canada statement noted, adding that it has 'all necessary funding to complete the transaction and therefore it is not subject to financing conditions and does not require government or taxpayer assistance'.
The transaction, valued at C$520 million (US$389.4 million), remains subject to the finalisation of definitive agreements, the confirmatory due diligence noted above, regulatory and shareholder approvals and other closing conditions usual in this type of transaction.
Air Canada Cargo is Canada's largest provider of air cargo services as measured by air freight capacity. It provides direct cargo services to over 150 Canadian, US and other international destinations and has sales representation in over 50 countries.
With hubs in Montreal, Toronto, Calgary, Vancouver, London and Frankfurt, Air Canada Cargo's network is extended through interline agreements with other air carriers and through ground trucking services offered in selected markets, serving more than 300 destinations.
WORLD SHIPPING
Montreal-based Transat AT Inc, which employs 3,000 people, offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands to 60 destinations in 25 countries in the Americas and Europe.
Air Canada announced on May 16 that it had entered into an exclusive agreement with Transat regarding the acquisition, though the agreement remained subject to Air Canada completing a 30-day due diligence period.
The deal would result in job creation and economic growth in Quebec, an Air Canada statement noted, adding that it has 'all necessary funding to complete the transaction and therefore it is not subject to financing conditions and does not require government or taxpayer assistance'.
The transaction, valued at C$520 million (US$389.4 million), remains subject to the finalisation of definitive agreements, the confirmatory due diligence noted above, regulatory and shareholder approvals and other closing conditions usual in this type of transaction.
Air Canada Cargo is Canada's largest provider of air cargo services as measured by air freight capacity. It provides direct cargo services to over 150 Canadian, US and other international destinations and has sales representation in over 50 countries.
With hubs in Montreal, Toronto, Calgary, Vancouver, London and Frankfurt, Air Canada Cargo's network is extended through interline agreements with other air carriers and through ground trucking services offered in selected markets, serving more than 300 destinations.
WORLD SHIPPING
