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Air Canada slashes price of Transat deal, citing COVID impact

12 Oct 2020 20:42 | Paul Mann (Administrator)

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.

The Montreal-based airline said it’s cutting the offer for Transat to $5 a share from $18 when the deal was announced in August 2019, valuing the company at about $190 million . Transat’s investors can choose between receiving a cash payment or 0.2862 Air Canada shares for each stock they hold, according to the statement Saturday. The previous offer was an all-cash deal.

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