Transat shareholders have voted to approve sale to Air Canada

News provided by Montreal Gazette – link to full story and updates

Almost 95 per cent of votes cast ahead of Friday’s shareholder meeting were in favour of the deal with Air Canada, Transat said.

By FRÉDÉRIC TOMESCO Updated: August 23, 2019

Transat shareholders convenef in a special meeting Friday, Aug. 23, in Montreal to vote on Air Canada’s $720-million bid for the company. DAVE SIDAWAY / MONTREAL GAZETTE

Transat A.T. Inc. shareholders approved Air Canada’s offer to buy the Montreal-based travel company on Friday morning, putting the fate of the transaction in the hands of regulators.

Almost 95 per cent of votes cast ahead of Friday’s shareholder meeting were in favour of the deal with Air Canada, Transat said. This gives the company enough support to proceed with the transaction.

Air Canada and Transat will now wait for transport and competition authorities in Canada and the European Union to weigh in on the combination. That won’t happen for several months, with Air Canada saying earlier this month the transaction is unlikely to close before early 2020.

This story will be updated.