Quebec Court Approves Air Canada, Transat Plan
Air Canada reports 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% 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.