13 October 2020
Air Canada has secured a new deal to buy tour operator and airline group Transat AT at a much reduced price.
The deal was secured for just C$190 million, much less than the original C$720 million price tag agreed before the Covid pandemic.
A spokesperson for Air Canada said: “The amended transaction reflects the unprecedented impact of Covid-19 upon the global air transport industry, which has endured a severe decline in air travel.”
The acquisition still needs approval by regulators in Canada and the European Union, as well as Air Transat shareholders.
Transat’s board of directors has already approved the sale.
