Air Canada Looks to Buy Transat AT
CBJ — Air Canada is interested in buying Transat AT for about $520 million.
The two companies confirm they are in exclusive talks for a sale.
Transat AT out of Montreal owns Air Transat and several vacation travel businesses.
The acquisition would help in developing Air Canada Vacations, which competes with Transat, WestJet and others in the leisure travel market.
Transat chief executive Jean-Marc Eustache said earlier Thursday that an Air Canada deal represents the best prospect for maintaining or growing the number of jobs that Transat has been developing in Quebec and elsewhere.
Transat offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands, with a primary focus on the transatlantic market during the summer and sun destinations through the winter.
Air Canada CEO Calin Rovinescu said a combination with Transat represents a great opportunity for both companies.