Onex to buy WestJet

We are getting word that WestJet is changing hands.

BNN Bloomberg is reporting the airline has been bought by private equity firm Onex.

The deal is reported for $5 billion, including assumed debt.

In a release, WestJet officials say shares will be bought at $31 each

WestJet's Founder and Chairman Clive Beddoe writes, "Since our first flight in 1996, WestJet has been singularly focused on providing better options for the Canadian travelling public and this transaction retains that commitment. I am particularly pleased that WestJet will remain headquartered in Calgary and will continue to build on the success that our 14,000 WestJetters have created. Onex' aerospace experience, history of positive employee relations and long-term orientation makes it an ideal partner for WestJetters, and I am excited about our future."

After the deal is completed, WestJet will continue to operate as a privately-held company.

The deal is expected to close in late 2019 or early 2020.