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WestJet Group confirms acquisition of Sunwing Vacations and Sunwing Airlines  

Post date: Mar 2 2022

Date: Mar 2 2022

By: Travelweek Group

CALGARY — It’s official: WestJet will be acquiring Sunwing in a groundbreaking deal confirmed today, March 2.

Following an earlier report from BNN Bloomberg, the companies announced that they have reached a definitive agreement under which the WestJet Group will acquire Sunwing Vacations and Sunwing Airlines. The deal, which remains subject to receipt of regulatory approvals, is anticipated to close in late 2022.

Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter. Sunwing’s current shareholders will become equity holders in the WestJet Group.

The tour operator business will be headquartered in Toronto, with a Quebec head office in Laval and the business will continue to market the Sunwing brand alongside WestJet Vacations. The WestJet Group will maintain its head office in Calgary.

The WestJet Group of companies will expand to include Sunwing Airlines. According to the Group, this will add increased capacity, dedicating otherwise seasonal aircraft to operate year-round in Canada, instead of Sunwing supplementing seasonal demand with imported aircraft, which translates into more jobs for Canadians. This acquisition will also improve the WestJet Group’s ability to offer more affordable fares by immediately expanding its low-cost footprint in Canada.

“This is an exciting moment for WestJet, Sunwing and Canada’s travel industry,” said Alexis von Hoensbroech, CEO of WestJet. “We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests.”

He added: “This combination brings together Canada’s two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market. It creates new opportunities for our people, our operational partners and supports the recovery from a global pandemic that has been particularly challenging for the Canadian travel and tourism industry including local airports and businesses we work closely with.”

Stephen Hunter, CEO of Sunwing, said that the company has a “very promising” future as part of The WestJet Group, noting that it is one of the only airlines in the world that has not issued debt or equity during the pandemic, or accepted sector-specific government aid.

“The combination of their strong balance sheet and growth trajectory with Sunwing’s unparalleled expertise in creating differentiated vacation packages will ensure the success of the new vacation division. My team and I are excited for the future, and we look forward to offering even more vacation destinations to Canadians at affordable prices,” said Hunter.

Sunwing expects to no longer require the pandemic-related Large Employer Emergency Financing Facility (LEEFF) Sunwing obtained from the Canadian government in early 2021, which will be fully repaid upon closing of the transaction.

Tags: Lead Story, Sunwing, WestJet

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WestJet Group to acquire Sunwing Vacations and Sunwing Airlines

Delivering greater value and more sun destinations for Canadians

Combination strengthens both companies following impact of pandemic

 Drives growth and job creation

Unlocks exciting opportunities for WestJet and Sunwing employees as part of a vibrant national airline 

WestJet and Sunwing announced today that they have reached a definitive agreement under which the WestJet Group of companies will acquire Sunwing Vacations and Sunwing Airlines. The transaction will bring together two distinctly Canadian travel and tourism success stories to deliver new travel options and greater value for travellers in the rapidly expanding leisure and work-from-anywhere travel markets. The combination will enable both companies to protect and create jobs and rebuild strength in the Canadian travel industry at a critical time.

Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter. Sunwing’s current shareholders will become equity holders in the WestJet Group.

Canadian travellers will have access to more competitive airfares and affordable vacation packages through the combined strength of the companies. The tour operator business will be headquartered in Toronto, with a Quebec head office in Laval and the business will continue to market the Sunwing brand alongside WestJet Vacations. The WestJet Group will maintain its head office in Calgary.

The WestJet Group of companies will expand to include Sunwing Airlines. This will add increased capacity, dedicating otherwise seasonal aircraft to operate year-round in Canada, instead of Sunwing supplementing seasonal demand with imported aircraft, which translates into more jobs for Canadians. This acquisition will improve the WestJet Group’s ability to offer more affordable fares by immediately expanding its low-cost footprint in Canada.

“This is an exciting moment for WestJet, Sunwing and Canada’s travel industry,” said Alexis von Hoensbroech, CEO of WestJet. “We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests.”

“This combination brings together Canada’s two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market. It creates new opportunities for our people, our operational partners and supports the recovery from a global pandemic that has been particularly challenging for the Canadian travel and tourism industry including local airports and businesses we work closely with,” added von Hoensbroech.

Stephen Hunter, CEO of Sunwing, said, “We have a very promising future as part of The WestJet Group, which is one of the only airlines in the world that has not issued debt or equity during the pandemic, or accepted sector-specific government aid. The combination of their strong balance sheet and growth trajectory with Sunwing’s unparalleled expertise in creating differentiated vacation packages will ensure the success of the new vacation division. My team and I are excited for the future, and we look forward to offering even more vacation destinations to Canadians at affordable prices.”

WestJet Group and Sunwing intend to build on their collective history of constructive labour relations and will respect all arrangements with union and employee associations, including those in place and those currently under negotiation.

As a result of the resiliency created by the transaction, Sunwing expects to no longer require the pandemic-related Large Employer Emergency Financing Facility (LEEFF) Sunwing obtained from the Canadian government in early 2021, which will be fully repaid upon closing of the transaction.

The combination, which remains subject to receipt of regulatory approvals, is anticipated to close late 2022.

Barclays is acting as lead financial advisor to WestJet, with additional advisory provided by Morgan Stanley & Co. LLC, Canaccord Genuity Corp and RBC Capital Markets, LLC. Goodmans LLP is acting as legal advisor to WestJet.

For further information:

For further information: Media contacts:  To contact WestJet media relations, please email [email protected]. 

WestJet media contact:  

To contact WestJet media relations, please email [email protected]. 

Sunwing media contact:

Melanie Anne Filipp Director, Corporate Communications & Media Relations Sunwing Travel Group 1-800-387-5602  |  [email protected]

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Onex’s WestJet Airlines to acquire Sunwing from Hunter Family

By CPE News

March 2, 2022

CPE News (3.2.2022) – WestJet Airlines Ltd., a portfolio company of Onex Partners V and Onex Corporation (TSX: ONEX), has entered into a definitive agreement to acquire Sunwing Travel Group Inc. which operates Sunwing Vacations Inc. and Sunwing Airlines Inc.

Financial terms of the transaction were not disclosed.

Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations Inc. and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter.

Hunter family who owns Sunwing will join Onex become equity holders in the WestJet. Onex group currently holds 74% of voting interest in WestJet with Onex Corporation holding 20% of economic interest. In December 2019, Onex Corporation invested US $261 million in Onex Partners V as part of the fund’s investment in WestJet .

Subject to regulatory approvals, the transaction is anticipated to close late 2022.

photo credit: Sunwing

News Release

WESTJET GROUP TO ACQUIRE SUNWING VACATIONS AND SUNWING AIRLINES, DELIVERING GREATER VALUE AND MORE SUN DESTINATIONS FOR CANADIANS

Combination strengthens both companies following impact of pandemic Drives growth and job creation Unlocks exciting opportunities for WestJet and Sunwing employees as part of a vibrant national airline

CALGARY, AB and TORONTO, ON, March 2, 2022 /CNW/ – WestJet and Sunwing announced today that they have reached a definitive agreement under which the WestJet Group of companies will acquire Sunwing Vacations and Sunwing Airlines. The transaction will bring together two distinctly Canadian travel and tourism success stories to deliver new travel options and greater value for travellers in the rapidly expanding leisure and work-from-anywhere travel markets. The combination will enable both companies to protect and create jobs and rebuild strength in the Canadian travel industry at a critical time.

Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter. Sunwing’s current shareholders will become equity holders in the WestJet Group.

Canadian travellers will have access to more competitive airfares and affordable vacation packages through the combined strength of the companies. The tour operator business will be headquartered in Toronto, with a Quebec head office in Laval and the business will continue to market the Sunwing brand alongside WestJet Vacations. The WestJet Group will maintain its head office in Calgary.

The WestJet Group of companies will expand to include Sunwing Airlines. This will add increased capacity, dedicating otherwise seasonal aircraft to operate year-round in Canada, instead of Sunwing supplementing seasonal demand with imported aircraft, which translates into more jobs for Canadians. This acquisition will improve the WestJet Group’s ability to offer more affordable fares by immediately expanding its low-cost footprint in Canada.

“This is an exciting moment for WestJet, Sunwing and Canada’s travel industry,” said Alexis von Hoensbroech, CEO of WestJet. “We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests.”

“This combination brings together Canada’s two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market. It creates new opportunities for our people, our operational partners and supports the recovery from a global pandemic that has been particularly challenging for the Canadian travel and tourism industry including local airports and businesses we work closely with,” added von Hoensbroech.

Stephen Hunter, CEO of Sunwing, said, “We have a very promising future as part of The WestJet Group, which is one of the only airlines in the world that has not issued debt or equity during the pandemic, or accepted sector-specific government aid. The combination of their strong balance sheet and growth trajectory with Sunwing’s unparalleled expertise in creating differentiated vacation packages will ensure the success of the new vacation division. My team and I are excited for the future, and we look forward to offering even more vacation destinations to Canadians at affordable prices.”

WestJet Group and Sunwing intend to build on their collective history of constructive labour relations and will respect all arrangements with union and employee associations, including those in place and those currently under negotiation.

As a result of the resiliency created by the transaction, Sunwing expects to no longer require the pandemic-related Large Employer Emergency Financing Facility (LEEFF) Sunwing obtained from the Canadian government in early 2021, which will be fully repaid upon closing of the transaction.

The combination, which remains subject to receipt of regulatory approvals, is anticipated to close late 2022.

Video from WestJet’s Alexis von Hoensbroech and Sunwing’s Stephen Hunter is available for download here.

Advisors Barclays is acting as lead financial advisor to WestJet, with additional advisory provided by Morgan Stanley & Co. LLC, Canaccord Genuity Corp and RBC Capital Markets, LLC. Goodmans LLP is acting as legal advisor to WestJet.

About the WestJet Group of Companies In 26 years of serving Canadians, WestJet has cut airfares in half and increased the flying population in Canada to more than 50 per cent. WestJet launched in 1996 with three aircraft, 250 employees and five destinations, growing over the years to more than 180 aircraft, 14,000 employees and more than 100 destinations in 23 countries, pre-pandemic.

Since the start of the pandemic the Wewww.westjet.comhttps://www.westjet.com/en-castJet Group of Companies has built a layered framework of safety measures to ensure Canadians can continue to travel safely and responsibly through the airline’s Safety Above All hygiene prograwww.westjet.comm. During this time, WestJet has maintained its status as one of the top-10 on-time airlines in North America as named by Cirium.

For more information about everything WestJet, please visit www.westjet.com.

Recent recognition includes: – 2020/2019 Number-One Ranked Canadian Airline Loyalty Program in Member Engagement (Bond Brand Loyalty) – 2019/2018/2017 Best Airline in Canada (TripAdvisor Travellers’ Choice awards for Airlines) – 2019 Winner Among Mid-Sized Airlines in North America (TripAdvisor Travellers’ Choice awards for Airlines) – 2019/2018 Number-One-Ranked Airline Credit Card in Canada (Rewards Canada)

About Sunwing The largest integrated travel company in North America, Sunwing has more flights to the south than any other leisure carrier with convenient direct service from airports across Canada to popular sun destinations across the U.S.A., Caribbean, Mexico and Central America. This scale enables Sunwing to offer customers exclusive deals at top-rated resorts in the most popular vacation destinations as well as cruise packages and seasonal domestic flight service. Sunwing customers benefit from the assistance of the company’s own knowledgeable destination representatives, who greet them upon arrival and support them throughout their vacation journey. The company supports the communities where it operates through the Sunwing Foundation, a charitable initiative focused on the support and development of youth and humanitarian aid.

SOURCE WESTJET, an Alberta Partnership

For further information: WestJet media contact: To contact WestJet media relations, please email [email protected]; Sunwing media contact: Melanie Anne Filipp, Director, Corporate Communications & Media Relations, Sunwing Travel Group, 1-800-387-5602 | [email protected]

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