Shares Jump on Air Canada's Agreement to Acquire Air Transat; Maintaining Our FVE
Shares for no-moat Air Canada rallied 4% after it announced an exclusive agreement to acquire Transat AT, owner of Air Transat, in a deal valued at CAD 520 million. The CAD 13 per share purchase price comes in at a 20% premium to Transat AT’s market price. We plan to leave our fair value estimate unchanged following the announcement as we believe increased fleet complexity offsets the benefits of gaining capacity in tight east Canadian markets. With Air Canada absorbing almost 3% of Canadian sea...Air Canada is a domestic and international airline Company. Co. is engaged in the provision of scheduled passenger services in the Canadian market, the Canada-United States transborder market and in the international market to and from Canada. Through its subsidiaries, Co. also operates in low-cost carriers segment, providing service to customers in lower density markets and also in higher density markets at off-peak times throughout Canada and the United States. Co. also provides air cargo services on domestic and the U.S. transborder flights; tour operator services which operate in the outgoing leisure travel market; and ground handling services.
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