Air Canada has is in exclusive negotiations to buy the company that owns Air Transat, the two companies say. Speculation at the time was that another Canadian airline, likely either Air Canada or WestJet, would make the most sense as a suitor. Air Transat is a major player in its two biggest markets, transatlantic routes and sun destinations to the south of North America. The exclusivity agreement also states that if Transat walks away from the deal for a better offer, it would pay Air Canada a $15-million break fee. In the event the agreement is terminated because regulatory or governmental approvals are not obtained, Air Canada would pay Transat a $40-million break fee.
Source: CBC News May 16, 2019 12:19 UTC