MONTRÉAL, Oct. 4, 2017 /CNW Telbec/ - Transat A.T. Inc. announces today that it has concluded the sale of its minority 35% interest in Ocean Hotels to H10 Hotels, ahead of the target date of November 2. As announced on July 19, the sale is concluded for an amount of US$150.5 million (Cdn$187.5 million), paid in cash today. Transat remains fully committed to becoming a full-fledged hotel operator and is selling its minority interest in Ocean Hotels in order to accelerate the development of its own hotel chain in the South.
This interest sold had a book value of Cdn$100.7 million as at July 31, 2017. The sale price is still subject to some adjustments.
"Our partnership with H10 Hotels has been a great venture for Transat, and I want to thank them for all these wonderful years when we have worked together at building Ocean." said Jean-Marc Eustache, President and Chief Executive Officer, Transat. "With this transaction, we are now ready to start building our Transat hotel business."
Transat A.T. Inc. is a leading integrated international tourism company specializing in holiday travel and active in air transportation, accommodation, travel packaging and distribution. It operates mainly in Canada, Europe, Mexico and the Caribbean, with some 25 destination countries, and distributes products in over 50 countries. 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 10 years, and was awarded Travelife Partner status in 2016. The vacation travel companion par excellence, Transat celebrates its 30th anniversary in 2017 (TSX: TRZ).
Recent distinctions and awards
Named world's second-best leisure airline at the Skytrax World Airline Awards (2013–2017) and best in North America in the same category (2012-2017)
Placed second among airlines on Forbes magazine's 2017 ranking of Canada's Best Employers
Named one of the Best Corporate Citizens in Canada by the research firm Corporate Knights (2014–2017; 16th in 2017)
Named the number one carrier in North America for energy efficiency by Atmosfair (2011–2016)
Ranked among the Top 10 call centres in North America by BenchmarkPortal (2012 and 2015)
Voted Best Leisure/Charter Airline (2008–2017) and Best Tour Operator (2014–2017), at the Agent's Choice Awards presented by Baxter Travel Media
Voted Best Airline (2013–2015) and Best Tour Operator (2013, 2015 and 2016), at the Trophées Uni-Vers awards organized by the Association des Agents de Voyages du Québec
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release includes "forward-looking statements" that involve risks and uncertainties. All statements other than statements of historical facts included in this press release, including statements regarding the prospects of the industry and prospects, plans, financial position and business strategy of the Corporation, may constitute forward-looking statements within the meaning of the Canadian securities legislation and regulations. Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions, please also refer to the Corporation's public filings available at www.sedar.com and www.transat.com. In particular, further details and descriptions of these and other factors are disclosed in the Annual MD&A under the "Risks and uncertainties" section and in the "Risk factors" section of the Corporation's current Annual Information Form. The forward-looking statements in this news release reflect the Corporation's expectations as at January 12, 2015, and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
SOURCE Transat A.T. Inc.
For further information: Media : Transat A.T. Inc., Odette Trottier, Director, Corporate Affairs and Communications, email@example.com, 514 908-8891