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WestJet to be acquired by Onex

WestJet shareholders to receive $31.00 per share in cash; Acquisition recognizes and continues WestJet’s industry-leading commitment to guest experience

Summary of the Transaction

WestJet Airlines Ltd. ("WestJet")(TSX: WJA) announced on May 13, 2019 that it entered into a definitive agreement that provides for its acquisition in an all-cash transaction. Under the terms of the agreement, Onex Corporation ("Onex")(TSX: ONEX) and its affiliated funds will acquire all outstanding shares of WestJet for $31.00 per share, after which WestJet will operate as a privately-held company. The purchase price represents a 67% premium to the closing share price on Friday May 10, 2019 and a 63% premium to WestJet's 20-day volume-weighted average trading price from the same date. The transaction value is approximately $5 billion including assumed debt.

Contact information:

Jeff Hagen
Investor Relations
Tel: 1-877-493-7853
Email: Jeff.Hagen@westjet.com

Laurel Hill Advisory Group
Tel: 1-877-452-7184 (1-416-304-0211 collect)
Email: assistance@laurelhill.com

Media Relations
1-888-WJ-4-NEWS (1-888-954-6397)

This web page and the documents available for download on this web page contain "forward-looking" information within the meaning of applicable securities laws. Forward-looking information may in some cases be identified by words such as “will”, “anticipates”, “expects”, “intends” and similar expressions suggesting future events or future performance. In particular, this web page and the documents available for download on this web page contain forward-looking information pertaining to: the anticipated benefits of the transaction, the anticipated timing of the special meeting to approve the transaction; the timing and anticipated receipt of required regulatory and court approvals; the anticipated terms of rollover arrangements in connection with the transaction; the anticipated tax treatment of the transaction on securityholders; the exercise of dissent rights by shareholders in connection with the transaction; and the anticipated timing for closing the transaction and subsequent de-listing of WestJet's shares from the TSX. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet’s and Onex’ control. The forward-looking information contained on this web page and in the documents available for download on this web page is based on certain key expectations and assumptions made by WestJet, including expectations and assumptions concerning the anticipated benefits of the transaction and the receipt, in a timely manner, of regulatory, shareholder and court approvals in respect of the transaction. Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: general global economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; relationships with employees, customers, business partners and competitors; and diversion of management time on the transaction. There are also risks that are inherent in the nature of the transaction, including failure to satisfy the conditions to the completion of the transaction and failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for completion of the transaction may change for a number of reasons, including the inability to secure necessary regulatory, court or other approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained on this web page or in the documents available for download on this web page concerning the timing of the transaction. A comprehensive discussion of other risks that impact WestJet can also be found in WestJet’s public reports and filings which are available under WestJet’s profile at www.sedar.com.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.