MONTRÉAL, June 14, 2019 /CNW Telbec/ - Transat A.T. Inc. ("Transat") confirms that it has received from Group Mach Inc. a non-binding and conditional proposal letter regarding its expressed interest to privatize Transat. Such proposal is subject to numerous conditions including obtaining financing and undertaking a due diligence process.
Transat would like to reiterate that it has entered into an agreement with Air Canada, pursuant to which it has agreed to a 30-day binding period of exclusive negotiations to conclude a definitive agreement, as previously announced. For the remainder of this exclusivity period, it is contemplated that Air Canada will complete its due diligence review in order for the parties to finalize a definitive agreement regarding the acquisition of all of the shares of Transat.
Transat does not intend to provide further updates or comments with respect to the foregoing except as required by law.
There is no assurance that a definitive agreement will be reached in relation to any proposed transaction.
The operations of Transat continue in their normal course and there will be no change for its clients, suppliers and employees. In particular, travellers and clients of Transat can continue to travel and book their flights and vacation packages with Transat as usual.
Further information regarding the aforementioned exclusivity agreement with Air Canada is available in Transat's press release dated May 16, 2019 and its material change report dated May 24, 2019, each of which is available on Transat's SEDAR profile at www.sedar.com.
Caution regarding forward looking statements
This press release contains certain forward-looking statements about Transat concerning a potential transaction involving the acquisition of all the shares of Transat. These statements are based on certain assumptions deemed reasonable by Transat, but are subject to certain risks and uncertainties, several of which are outside the control of Transat, which may cause results to vary materially. Transat disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.
Transat A.T. Inc. is a leading integrated international tourism company specializing in holiday travel. It offers vacation packages, hotel stays and air travel under the Transat and Air Transat brands to some 60 destinations in more than 25 countries in the Americas and Europe. Based in Montreal, the company has 5,000 employees. Transat is firmly committed to sustainable tourism development, as reflected in its multiple corporate responsibility initiatives over the past 12 years, and was awarded Travelife certification in 2018 (TSX: TRZ).
SOURCE Transat A.T. Inc.
For further information: Christophe Hennebelle, Vice-President, Human Resources and Corporate Affairs, 514-987-1660, ext. 4584