Onex Corporation’s $5 Billion Acquisition of WestJet Airlines

Fried Frank represented funds affiliated with Onex Corporation as US counsel and in connection with the financing of the acquisition of WestJet Airlines.

Onex Corporation (TSX: ONEX) and its affiliated funds and WestJet Airlines Ltd. (TSX: WJA) completed their transaction valued at approximately $5 billion including assumed debt.

Shareholders of WestJet are entitled to receive $31.00 in cash for each share held at the effective time of the transaction. The WestJet common shares will be delisted from the Toronto Stock Exchange within a few trading days.

The financing included a US$1.95 billion first lien senior secured term loan B facility and a US$350 million first lien senior secured revolving credit facility.

WestJet Airlines is a leading Canadian airline providing service to over 100 destinations in Canada, the United States, Europe, Mexico, Central America, and the Caribbean.

Headquartered in Toronto, Onex Corporation is a leading private equity firm with approximately US$38 billion of assets under management.

The Fried Frank team was led by corporate partners Daniel J. Bursky (Picture) and Mark S. Hayek and included corporate partners Ezra Schneck and William J. Breslin; corporate special counsel Michael Schneider; and corporate associates Madeline A. Lurio, Joann S. Park, Charles Stern, and Charles Thompson.

Involved fees earner: William Breslin – Fried Frank Harris Shriver & Jacobson; Daniel Bursky – Fried Frank Harris Shriver & Jacobson; Mark Hayek – Fried Frank Harris Shriver & Jacobson; Madeline Lurio – Fried Frank Harris Shriver & Jacobson; Joann Park – Fried Frank Harris Shriver & Jacobson; Ezra Schneck – Fried Frank Harris Shriver & Jacobson; Michael Schneider – Fried Frank Harris Shriver & Jacobson; Charles Stern – Fried Frank Harris Shriver & Jacobson; Charles Thompson – Shearman & Sterling;

Law Firms: Fried Frank Harris Shriver & Jacobson; Shearman & Sterling;

Clients: Onex Corporation;