WestJet announces deal to acquire Sunwing Vacations and Sunwing Airlines.
WestJet Airlines is about to acquire Sunwing Airlines and Sunwing Vacations.
In a statement, the two companies say an agreement has been reached, which will bring the two tourism companies together.
The deal will see Sunwing's current shareholders become WestJet Group equity holders.
However, financial terms of the agreement have not been released.
A new tour operating business unit will be created under the WestJet Group to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter.
"This is an exciting moment for WestJet, Sunwing and Canada’s travel industry," said Alexis von Hoensbroech, CEO of WestJet. "We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests."
The agreement is expected to close later this year.
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