After the complete withdrawal of Emirates, and at this moment indecisive carriers such as Korean Air and Air Canada Rouge, Air Transat has confirmed its plan to return to Zagreb Airport. The estimated takeover value sits at $190 million, significantly down from the previous $720 million. The earnings call comes a day before Transat shareholders are scheduled to vote on a revised deal to be acquired by Air Canada. Transat AT shareholders voted Dec. 15 to approve a revised takeover bid from Air Canada, marking a key step forward for the planned acquisition of Canada’s third-largest airline. The revised terms will see Air Canada … Collapse in air travel underlines the advantage of takeover by Air Canada, Transat executives say. On the call, Eustache reiterated his recommendation that shareholders approve the transaction, but said the company was … Air Transat has 5,000 employees. ISS and Glass Lewis are leading independent, third-party, proxy … Photo: Air Transat. In addition, the board of directors at TS unanimously reconfirmed their support for the acquisition transaction with AC. Transat warns of ability to remain ‘going concern’, eyes Air Canada lifeline. Related Stories Transat cancels most winter flights out of Western Canada due to pandemic Canadians filed more than 8,000 complaints about airlines to agency since March Turbulence in Canadian opinion on airlines COVID-19 response: poll Air Canada racks up more refund complaints than any foreign airline in U.S. Canadians worry about travel as Westjet and Air Canada sell middle seats Toggle search panel activation. Air Transat is now one of Canada's largest airlines, after Air Canada and WestJet. Air Canada is on its way to wrapping up the legal proceedings of the arrangement with Air Transat. As a reminder, Air Canada is #1 in Canada, while Air Transat is #4. See our flexibility policy > Coronavirus FAQ. IMPORTANT: Mandatory before any flight to Canada × Travel advisory – Entry requirements of your destination country and information on our operations × Go to main content. Transat still hopes to complete its merger with Air Canada by the end of the year An Air Transat Airbus A330 departs Vancouver International Airport in July 2019 (photo: Brett Ballah). In particular, Air Canada, with its Air Canada Rouge brand, developed a business model to address the lower-cost and leisure-oriented nature of the EEA-Canada passenger air transport markets, thus directly competing with Transat. Contact, Quote, Booking. Air Canada will acquire all shares of Transat for $5.00 per share. December 15, 2020. In August 2019, shareholders approved a previous offer from Air Canada, but the sale price was lowered in October to $5 from $18 per share. Air Transat catches flak for letting antimask activist fly uncovered — while Air Canada introduces new measures for maskless flyers By Josh Rubin Business Reporter Mon., Dec. 14, … Please contact us at the appropriate address or telephone number as indicated. The Canadian government has pledged a CAD796-million Canadian dollar (USD622.9 million) aid support package for the country’s cash-crunched air transport industry in its 2020 Fall Economic Statement. Last week, Air Transat announced that it expects the carrier’s acquisition by Air Canada to be completed by February. Airlines ↳ General Airline Industry Comments ↳ LARGE AIRLINE OPERATIONS - CAR 705 ↳ Air Canada ↳ Air Canada Rouge ↳ Air Creebec Inc. ↳ Air Inuit ↳ Air North ↳ Air Tindi Ltd. ↳ Air Transat ↳ Buffalo Airways Ltd. ↳ Calm Air ↳ Canadian North ↳ Cargojet ↳ Central Mountain Air Ltd. ↳ Chrono Jet Inc. Transat AT … MONTREAL—Transat AT Inc. says a pair of proxy advisory services have recommended shareholders support its revised deal to be acquired by Air Canada. Following the multi-billion dollar sale of Calgary based WestJet Airlines to Onex, a Toronto-based private equity firm, the Canadian aviation industry was expecting a smooth merger to be completed between leisure airline, Air Transat and the national flag … Using a travel credit. Many travelers don’t care much about this transaction because they think that only those who like all-inclusive vacations will be affected since that is Transat’s core business (and they will: Air Canada and Air Transat will control nearly 50% of the market to “sun destinations”). Photo: Getty Images One hurdle out of the way. Air Canada’s purchase of Air Transat my come down to a bidding war. LONDON – Air Transat (TS) has announced that Institutional Shareholder Services (ISS) and Glass, Lewis & Co. have recommended TS Shareholders to vote for the revised acquisition of Air Canada (AC). Discover how to use it > Change or cancellation. Both companies have demonstrated excellence as evidenced by the 2019 Skytrax Awards. 2020-12-14T21:27:00Z. Air Canada slashed the purchase price for tour operator Transat AT Inc. to almost a quarter of its earlier offer, citing the impact of the Covid-19 outbreak on the air transport industry. Air Canada reduced its offer price for Air Transat by nearly 75% to about CA$188.7m ($145.13m) because of the COVID-19 pandemic impact on travel demand. Air Transat’s planned merger with Air Canada appeared less certain Thursday, with Transat executives making their most extensive comments on the acquisition since the pandemic began. Group {{showMoreOrLessLabel}} Flight Status Online Check-in Seat selection Flight Status Online Check-in Seat selection Has COVID-19 affected your travel plans? Transat A.T. Inc. (Air Transat) has announced that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement with Air Canada (the “Arrangement”). Get in contact with any Transat department by phone or email. Transat A.T. expects the European Commission, whose green light is essential, to pronounce on its sale to Air Canada around Feb. 9. Shareholders of Transat AT Inc. approved a reduced takeover bid from Air Canada, despite the last-minute revelation of a competing offer. Air Canada is still looking to take Transat AT under its wing despite the COVID-19 pandemic that has rocked the airline industry, but it will pay far less than originally expected. Earlier on Tuesday, Transat said it had received an unsolicited proposal for the company from a private investor in late November, but the company’s board did not deem it superior to the Air Canada offer. Air Canada is still looking to take Transat AT Inc. over despite the COVID-19 pandemic that has rocked the airline industry, but it will pay far less than originally expected. On February 13, 2011, Air Transat Flight TS163 operated with their first all-female flight crew from Cancun to Vancouver. Transport Canada's decision is … Subscriber content . Transat AT Inc.’s shareholders approved a revised purchase offer from Air Canada despite the disclosure of a late, higher-priced competing bid. The NACC represents Canada’s largest air carriers, the likes of Air Canada, Air Transat, Jazz Air, and WestJet. Transat AT, owner of Canadian leisure carrier Air Transat… The airline has won many awards, including the 2012, 2018 and 2019 Skytrax World's Best Leisure Airline Awards. As many have noted, this is far below the $18 per share initially offered with the original acquisition plan of August 2019. Air Transat would complement Air Canada. Air Transat is the first airline from a distant market to confirm its return to Zagreb in the next summer season. Air Canada’s offer has been endorsed by Transat’s board of directors but must also be approved by a two-thirds majority vote by Transat’s shareholders at a special meeting set for Dec. 15. As previously reported by Airways, the decision regarding the antitrust issues was originally scheduled for December, due to … If the deal does not receive regulatory approvals by Feb. 15, Air Canada … Air Canada will pay $5 in cash or 0.2862 of its own shares for each Transat share, for a total of $180-million. The Arrangement was also approved by 91.05% of the votes cast by shareholders present in person or by proxy at the special meeting of Transat held on December 15, 2020. Air Canada intends to preserve the Transat and Air Transat brands and maintain the Transat head office and its key functions in Montreal. Phone number to contact us.