Onex buying Sunwing ?
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Onex buying Sunwing ?
Couldn't find any information anywhere but that's the rumor circulating right now. Anyone has more information?
Last edited by Jumbo744 on Wed Mar 02, 2022 8:54 am, edited 1 time in total.
Re: Onyx buying Sunwing ?
Nobody, with the exception of the few that were in yesterdays meeting, seem to know. I was told there will be an announcement around noon today.
Re: Onyx buying Sunwing ?
Here we go again....another merger.
Do we know if it's going to be kept separate or will it be mergered with WJs group of companies? Or with just swoop?
Do we know if it's going to be kept separate or will it be mergered with WJs group of companies? Or with just swoop?
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CFM Symphony
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Re: Onyx buying Sunwing ?
As an AvCanada discussion grows longer:
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
Re: Onyx buying Sunwing ?
https://www.bnnbloomberg.ca/westjet-air ... -1.1731321
Canada’s WestJet Airlines Ltd. is nearing a deal to acquire low-cost rival Sunwing Airlines Inc., according to a person with knowledge of the matter.
The transaction between the two Canadian carriers could be announced as soon as Wednesday, the person said, requesting anonymity because the talks are still private. The price couldn’t be immediately learned.
Representatives for Onex Corp., WestJet’s controlling shareholder, and Sunwing didn’t immediately respond to requests for comment.
Toronto-based Onex took WestJet private in 2019, months before the COVID-19 pandemic devastated the air travel industry.
Calgary-based WestJet operates domestic and international routes and has its own ultra low-cost division under the name Swoop.
Sunwing offers domestic travel to Canadians as well as vacation packages to warm-weather destinations including Mexico and Cuba.
Sunwing CEO Stephen Hunter said last month the company received an offer, without disclosing its potential suitor.
The company is owned by Hunter’s family and TUI.
Canada’s WestJet Airlines Ltd. is nearing a deal to acquire low-cost rival Sunwing Airlines Inc., according to a person with knowledge of the matter.
The transaction between the two Canadian carriers could be announced as soon as Wednesday, the person said, requesting anonymity because the talks are still private. The price couldn’t be immediately learned.
Representatives for Onex Corp., WestJet’s controlling shareholder, and Sunwing didn’t immediately respond to requests for comment.
Toronto-based Onex took WestJet private in 2019, months before the COVID-19 pandemic devastated the air travel industry.
Calgary-based WestJet operates domestic and international routes and has its own ultra low-cost division under the name Swoop.
Sunwing offers domestic travel to Canadians as well as vacation packages to warm-weather destinations including Mexico and Cuba.
Sunwing CEO Stephen Hunter said last month the company received an offer, without disclosing its potential suitor.
The company is owned by Hunter’s family and TUI.
Re: Onyx buying Sunwing ?
WJ/SWG is a better fit than WJ/TRZ.
Will be interesting to see the particulars of the transaction (does it incudes all SWG assets?) and the associated corporate structure and operational plan.
Will be interesting to see the particulars of the transaction (does it incudes all SWG assets?) and the associated corporate structure and operational plan.
Re: Onex buying Sunwing ?
https://www.theglobeandmail.com/busines ... tor-faces/
Entrepreneur Stephen Hunter took tough steps to ensure Sunwing Airlines and Sunwing Vacations survived the pandemic, cutting staff and borrowing money to ensure the business would still be around when restrictions lifted and Canadians could once again head south in the winter.
However, the chief executive of family-owned Sunwing knew the bills would eventually come due.
As this year began, the tour operator faced repaying $327-million in federal government loans. At the same time, vacation travel was taking off and Sunwing needed to spend money to lease aircraft and rehire pilots and flight attendants. Mr. Hunter said the conflicting pressures of paying down debt while needing to put more capital into expanding the company prompted Sunwing to revisit pre-pandemic overtures from WestJet Group and agree to sell the business his family launched in 2002.
“We got to the point, in the last few years, where we couldn’t grow as much as we wanted to grow,” Mr. Hunter said in an interview. He said Sunwing was looking at options for dealing with the seasonality of its business – its fleet goes from 40 aircraft in the winter to 15 in the summer – before the pandemic burdened the company with debt. He said tapping the market reach and financial strength of WestJet and parent Onex Corp. “helps get us over this hump.”
Sunwing’s financial challenges mirror what is playing out for owners of hotels, restaurants, gyms, ski hills and all sorts of other privately held businesses hit by the pandemic. If they survived the past two years, they did so by slashing costs, burning through savings and borrowing money.
Now these entrepreneurs – the hospitality sector is dominated by family-owned businesses – face the challenge of rebuilding their operations while paying down debt.
Sunwing’s owners are in the fortunate position of having a deep-pocketed buyer. Other companies facing the same headwinds are going out of business. Toronto-based Sky Regional Airlines Inc. shut down last March, ending a decade-long run.
Mr. Hunter’s family and Sunwing minority shareholder TUI Group, a German tour operator with a 49-per-cent stake, will take WestJet shares in exchange for their business. The Hunter family and TUI will continue to own a collection of 30 hotels in the tropics.
Sunwing is a private company but did disclose that it borrowed $227.1-million under a federal government loan program and drew an additional $99.6-million from a credit facility. This was expensive capital. The debt carried a 5-per-cent interest rate, and Mr. Hunter said that, as a private company, Sunwing was also forced to pay an additional 6 per cent for credit insurance.
“With or without this deal, we were looking to repay that financing,” he said. “This will turn out to be a good investment for Canadian taxpayers.”
WetJet is unique among Canadian airlines for turning down government funding during the pandemic, a decision that Mr. Hunter said made the Calgary-based airline a more attractive partner. WestJet and Sunwing declined comment on the value of the transaction.
Toronto-based Onex acquired WestJet in 2019 for $5-billion, including assumed debt. Onex’s financial results, released last Friday, show it funded the takeover with US$980-million of equity. Of that total, US$196-million came from Onex, with the remainder coming from its institutional investor clients.
Onex’s results show that, despite the pandemic, the company received US$3-million in cash distributions from WestJet over the past two years.
WestJet chief executive Alexis von Hoensbroech, who took the top job less than two weeks ago after serving as CEO at Austrian Airlines, said combining the two companies will be a win for consumers and will mean more jobs in Canada, “as you combine Sunwing, a large tour operator with a small airline, with WestJet, a large airline that’s a small tour operator.”
Once Sunwing joins the fold, WestJet plans to expand a tour business that was focused on Florida, the Caribbean and Mexico to destinations the Calgary-based airline already serves, such as Arizona, California, Hawaii and Europe. WestJet’s advisers on the transaction are investment bank Barclays and law firm Goodmans LLP.
The takeover requires regulatory approval – a process that helped scuttle Air Canada’s proposed acquisition of Transat AT Inc. last April – and is expected to close by the end of the year.
Entrepreneur Stephen Hunter took tough steps to ensure Sunwing Airlines and Sunwing Vacations survived the pandemic, cutting staff and borrowing money to ensure the business would still be around when restrictions lifted and Canadians could once again head south in the winter.
However, the chief executive of family-owned Sunwing knew the bills would eventually come due.
As this year began, the tour operator faced repaying $327-million in federal government loans. At the same time, vacation travel was taking off and Sunwing needed to spend money to lease aircraft and rehire pilots and flight attendants. Mr. Hunter said the conflicting pressures of paying down debt while needing to put more capital into expanding the company prompted Sunwing to revisit pre-pandemic overtures from WestJet Group and agree to sell the business his family launched in 2002.
“We got to the point, in the last few years, where we couldn’t grow as much as we wanted to grow,” Mr. Hunter said in an interview. He said Sunwing was looking at options for dealing with the seasonality of its business – its fleet goes from 40 aircraft in the winter to 15 in the summer – before the pandemic burdened the company with debt. He said tapping the market reach and financial strength of WestJet and parent Onex Corp. “helps get us over this hump.”
Sunwing’s financial challenges mirror what is playing out for owners of hotels, restaurants, gyms, ski hills and all sorts of other privately held businesses hit by the pandemic. If they survived the past two years, they did so by slashing costs, burning through savings and borrowing money.
Now these entrepreneurs – the hospitality sector is dominated by family-owned businesses – face the challenge of rebuilding their operations while paying down debt.
Sunwing’s owners are in the fortunate position of having a deep-pocketed buyer. Other companies facing the same headwinds are going out of business. Toronto-based Sky Regional Airlines Inc. shut down last March, ending a decade-long run.
Mr. Hunter’s family and Sunwing minority shareholder TUI Group, a German tour operator with a 49-per-cent stake, will take WestJet shares in exchange for their business. The Hunter family and TUI will continue to own a collection of 30 hotels in the tropics.
Sunwing is a private company but did disclose that it borrowed $227.1-million under a federal government loan program and drew an additional $99.6-million from a credit facility. This was expensive capital. The debt carried a 5-per-cent interest rate, and Mr. Hunter said that, as a private company, Sunwing was also forced to pay an additional 6 per cent for credit insurance.
“With or without this deal, we were looking to repay that financing,” he said. “This will turn out to be a good investment for Canadian taxpayers.”
WetJet is unique among Canadian airlines for turning down government funding during the pandemic, a decision that Mr. Hunter said made the Calgary-based airline a more attractive partner. WestJet and Sunwing declined comment on the value of the transaction.
Toronto-based Onex acquired WestJet in 2019 for $5-billion, including assumed debt. Onex’s financial results, released last Friday, show it funded the takeover with US$980-million of equity. Of that total, US$196-million came from Onex, with the remainder coming from its institutional investor clients.
Onex’s results show that, despite the pandemic, the company received US$3-million in cash distributions from WestJet over the past two years.
WestJet chief executive Alexis von Hoensbroech, who took the top job less than two weeks ago after serving as CEO at Austrian Airlines, said combining the two companies will be a win for consumers and will mean more jobs in Canada, “as you combine Sunwing, a large tour operator with a small airline, with WestJet, a large airline that’s a small tour operator.”
Once Sunwing joins the fold, WestJet plans to expand a tour business that was focused on Florida, the Caribbean and Mexico to destinations the Calgary-based airline already serves, such as Arizona, California, Hawaii and Europe. WestJet’s advisers on the transaction are investment bank Barclays and law firm Goodmans LLP.
The takeover requires regulatory approval – a process that helped scuttle Air Canada’s proposed acquisition of Transat AT Inc. last April – and is expected to close by the end of the year.
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DHC-1 Jockey
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Re: Onex buying Sunwing ?
Long story short, SWG will become part of the WestJet group of companies but remain a separate entity. SWG will be able to leverage WJ's larger network to offer more year-round vacations to more destinations. It'll also allow more flexibility to grow and shrink the fleet seasonally compared to bringing airplanes back and forth from Europe.
For now, everything stays status quo (no merging of seniority lists, no new bases, etc).
All is subject to regulatory approval which could take some time.
For now, everything stays status quo (no merging of seniority lists, no new bases, etc).
All is subject to regulatory approval which could take some time.
Re: Onex buying Sunwing ?
https://westjet.mediaroom.com/2022-03-0 ... -CANADIANS
Combination strengthens both companies following impact of pandemic
Drives growth and job creation
Unlocks exciting opportunities for WestJet and Sunwing employees as part of a vibrant national airline
CALGARY, AB and TORONTO, ON, March 2, 2022 /CNW/ - WestJet and Sunwing announced today that they have reached a definitive agreement under which the WestJet Group of companies will acquire Sunwing Vacations and Sunwing Airlines. The transaction will bring together two distinctly Canadian travel and tourism success stories to deliver new travel options and greater value for travellers in the rapidly expanding leisure and work-from-anywhere travel markets. The combination will enable both companies to protect and create jobs and rebuild strength in the Canadian travel industry at a critical time.
Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter. Sunwing's current shareholders will become equity holders in the WestJet Group.
Canadian travellers will have access to more competitive airfares and affordable vacation packages through the combined strength of the companies. The tour operator business will be headquartered in Toronto, with a Quebec head office in Laval and the business will continue to market the Sunwing brand alongside WestJet Vacations. The WestJet Group will maintain its head office in Calgary.
The WestJet Group of companies will expand to include Sunwing Airlines. This will add increased capacity, dedicating otherwise seasonal aircraft to operate year-round in Canada, instead of Sunwing supplementing seasonal demand with imported aircraft, which translates into more jobs for Canadians. This acquisition will improve the WestJet Group's ability to offer more affordable fares by immediately expanding its low-cost footprint in Canada.
"This is an exciting moment for WestJet, Sunwing and Canada's travel industry," said Alexis von Hoensbroech, CEO of WestJet. "We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests."
"This combination brings together Canada's two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market. It creates new opportunities for our people, our operational partners and supports the recovery from a global pandemic that has been particularly challenging for the Canadian travel and tourism industry including local airports and businesses we work closely with," added von Hoensbroech.
Stephen Hunter, CEO of Sunwing, said, "We have a very promising future as part of The WestJet Group, which is one of the only airlines in the world that has not issued debt or equity during the pandemic, or accepted sector-specific government aid. The combination of their strong balance sheet and growth trajectory with Sunwing's unparalleled expertise in creating differentiated vacation packages will ensure the success of the new vacation division. My team and I are excited for the future, and we look forward to offering even more vacation destinations to Canadians at affordable prices."
WestJet Group and Sunwing intend to build on their collective history of constructive labour relations and will respect all arrangements with union and employee associations, including those in place and those currently under negotiation.
As a result of the resiliency created by the transaction, Sunwing expects to no longer require the pandemic-related Large Employer Emergency Financing Facility (LEEFF) Sunwing obtained from the Canadian government in early 2021, which will be fully repaid upon closing of the transaction.
The combination, which remains subject to receipt of regulatory approvals, is anticipated to close late 2022.
Combination strengthens both companies following impact of pandemic
Drives growth and job creation
Unlocks exciting opportunities for WestJet and Sunwing employees as part of a vibrant national airline
CALGARY, AB and TORONTO, ON, March 2, 2022 /CNW/ - WestJet and Sunwing announced today that they have reached a definitive agreement under which the WestJet Group of companies will acquire Sunwing Vacations and Sunwing Airlines. The transaction will bring together two distinctly Canadian travel and tourism success stories to deliver new travel options and greater value for travellers in the rapidly expanding leisure and work-from-anywhere travel markets. The combination will enable both companies to protect and create jobs and rebuild strength in the Canadian travel industry at a critical time.
Following the close of the transaction, a new tour operating business unit will be created under the WestJet Group, to include both Sunwing Vacations and WestJet Vacations Inc., and will be led by Sunwing CEO Stephen Hunter. Sunwing's current shareholders will become equity holders in the WestJet Group.
Canadian travellers will have access to more competitive airfares and affordable vacation packages through the combined strength of the companies. The tour operator business will be headquartered in Toronto, with a Quebec head office in Laval and the business will continue to market the Sunwing brand alongside WestJet Vacations. The WestJet Group will maintain its head office in Calgary.
The WestJet Group of companies will expand to include Sunwing Airlines. This will add increased capacity, dedicating otherwise seasonal aircraft to operate year-round in Canada, instead of Sunwing supplementing seasonal demand with imported aircraft, which translates into more jobs for Canadians. This acquisition will improve the WestJet Group's ability to offer more affordable fares by immediately expanding its low-cost footprint in Canada.
"This is an exciting moment for WestJet, Sunwing and Canada's travel industry," said Alexis von Hoensbroech, CEO of WestJet. "We are bringing together two highly complementary businesses with powerhouse brands to strengthen our successful leisure business and deliver greater value to our guests."
"This combination brings together Canada's two original low-cost carriers and positions us to accelerate growth in value-oriented travel, already the fastest growing segment of the airline market. It creates new opportunities for our people, our operational partners and supports the recovery from a global pandemic that has been particularly challenging for the Canadian travel and tourism industry including local airports and businesses we work closely with," added von Hoensbroech.
Stephen Hunter, CEO of Sunwing, said, "We have a very promising future as part of The WestJet Group, which is one of the only airlines in the world that has not issued debt or equity during the pandemic, or accepted sector-specific government aid. The combination of their strong balance sheet and growth trajectory with Sunwing's unparalleled expertise in creating differentiated vacation packages will ensure the success of the new vacation division. My team and I are excited for the future, and we look forward to offering even more vacation destinations to Canadians at affordable prices."
WestJet Group and Sunwing intend to build on their collective history of constructive labour relations and will respect all arrangements with union and employee associations, including those in place and those currently under negotiation.
As a result of the resiliency created by the transaction, Sunwing expects to no longer require the pandemic-related Large Employer Emergency Financing Facility (LEEFF) Sunwing obtained from the Canadian government in early 2021, which will be fully repaid upon closing of the transaction.
The combination, which remains subject to receipt of regulatory approvals, is anticipated to close late 2022.
Re: Onex buying Sunwing ?
So it sounds like Sunwing vacations - which includes everything but the hotels - is operating as a standalone company under the Onex umbrella. So Westjet, Westjet cargo, and Swoop will be sister companies to Sunwing travel which will now be the tour group. This new division will be headed by Stephen hunter. everyone in the airline still reports to Stephen and he reports to the Onyx board.
So for now - it sounds like we are owned by Onex as a separate company, how long that lasts is anyone's guess....
So for now - it sounds like we are owned by Onex as a separate company, how long that lasts is anyone's guess....
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TFTMB heavy
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Re: Onyx buying Sunwing ?
In what sense? I think that for WS, acquiring TS would have greatly increased presence on the Atlantic and also brought the capacity for the sun destinations that SW brings.
Re: Onyx buying Sunwing ?
I think that the new ownership (ONEX) sees a different direction for WJ. And then there is the issue of fleet commonality for acquired aircraft.TFTMB heavy wrote: ↑Wed Mar 02, 2022 10:37 amIn what sense? I think that for WS, acquiring TS would have greatly increased presence on the Atlantic and also brought the capacity for the sun destinations that SW brings.
WJ will meet much of its overseas capacity requirements through JV and codeshare. And the SWG acquisition will significantly increase its commercial presence in the east, particularly in QC.
Could ONEX loop back with an offer for TRZ in the future? Sure. But I wouldn’t place a bet on it. TRZ is on its own.
Re: Onex buying Sunwing ?
In a company video update it was clarified it was WestJet making the purchase not Onex directly.
Re: Onex buying Sunwing ?
Sunwing's sales were 95% all inclusive packages - and Westjet vacations was only 5% all inclusive.
I think this says volumes about what Onex is looking for.......
I think this says volumes about what Onex is looking for.......
Re: Onex buying Sunwing ?
Not according to our (Sunwing) CEO...He reports directly to the Onex board - and everyone in the group under him reports to him.In a company video update it was clarified it was WestJet making the purchase not Onex directly.
Edit...or maybe it is the Westjet group. So confusing right now....
Re: Onex buying Sunwing ?
I can't see the WJ and TS fleets being compatible outside of the codeshare which is currently being drawn up. It's Boeing vs Bus.
With the desire for lower prices and increasing downward pressure on CASM, efficiency is key and fleet consolidation is one of biggest factors for operational reasons as well as purchasing negots.
I have no idea what will happen with Transat, but with the interest accruing on financing they somehow need to start turning a profit in a year, find more LTF, or get bought.
With the desire for lower prices and increasing downward pressure on CASM, efficiency is key and fleet consolidation is one of biggest factors for operational reasons as well as purchasing negots.
I have no idea what will happen with Transat, but with the interest accruing on financing they somehow need to start turning a profit in a year, find more LTF, or get bought.
Last edited by DanWEC on Wed Mar 02, 2022 11:01 am, edited 2 times in total.
Re: Onex buying Sunwing ?
boeingboy wrote: ↑Wed Mar 02, 2022 10:50 amNot according to our (Sunwing) CEO...He reports directly to the Onex board - and everyone in the group under him reports to him.In a company video update it was clarified it was WestJet making the purchase not Onex directly.
Edit...or maybe it is the Westjet group. So confusing right now....
Yes i believe it is the WestJet group. They have a board that reports to Onex.
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pilot4life
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Re: Onex buying Sunwing ?
They will paint the sunwing aircrafts teal. Merge the pilot lists and open a YUL hub. This is what will happen
Re: Onex buying Sunwing ?
I'm sure eventually it will...how long that will be is anyone's guess right now.
However - for now - Sunwing Airlines will continue to be part of the new tour operator division flying exclusively for the tour
operators and therefore the airlines will continue to operate independently.
It may be that it ends up staying seperate - much like Swoop. Maybe as a competitor to Rouge.
However - for now - Sunwing Airlines will continue to be part of the new tour operator division flying exclusively for the tour
operators and therefore the airlines will continue to operate independently.
It may be that it ends up staying seperate - much like Swoop. Maybe as a competitor to Rouge.
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CaptainHaddock
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Re: Onex buying Sunwing ?
If it makes it through regulatory approval I would imagine Sunwing Airlines will be rolled into one of the current WestJet AOC’s. Encore’s current contract specifies ‘no jets’, I am sure WJ management would love to put it under Swoop’s LOU- but while the regulatory process runs it’s course WJ Pilots are concurrently negotiating our next contract (which encompasses the Swoop crap LOU) . Hopefully they get rolled into the WJ Pilot contract as it’s better for everyone. I would assume the Sunwing AC will be painted in either WJ or Swoop livery in the end so they can be deployed wherever needed.
For a first arbitrated contract it certainly is getting every section worked over, purchase by ONEX, biggest aviation downturn, now merging seniority’s. The PTA could end up being a PITA for the SunWing pilots, but like Rumsfeld said ‘there are the known unknowns, and the unknown unknowns’.
For a first arbitrated contract it certainly is getting every section worked over, purchase by ONEX, biggest aviation downturn, now merging seniority’s. The PTA could end up being a PITA for the SunWing pilots, but like Rumsfeld said ‘there are the known unknowns, and the unknown unknowns’.
Billions of Bilious Blue Blistering Barnacles!
Re: Onex buying Sunwing ?
The biggest u
Obviously there are going to be changes...but what and to what extent are completely up in the air.
Right now the biggest unknown unknown is what Stephen Hunter negotiated. He brings a lot of pull to the table, He has said that Sunwing travel group which includes the airline all report to him, including the pilot group, and he reports to Onex. He may have insisted that the airline remian to his side. All the hotels are still owned solely by him...and that's a lot of hotels, so there was a lot of negotiating power. Most of this deal seems very leveraged towards Sunwing. Almost like they bought Westjet vacations and joined the Onex umbrella.CaptainHaddock wrote: ↑Wed Mar 02, 2022 12:10 pm If it makes it through regulatory approval I would imagine Sunwing Airlines will be rolled into one of the current WestJet AOC’s. Encore’s current contract specifies ‘no jets’, I am sure WJ management would love to put it under Swoop’s LOU- but while the regulatory process runs it’s course WJ Pilots are concurrently negotiating our next contract (which encompasses the Swoop crap LOU) . Hopefully they get rolled into the WJ Pilot contract as it’s better for everyone. I would assume the Sunwing AC will be painted in either WJ or Swoop livery in the end so they can be deployed wherever needed.
For a first arbitrated contract it certainly is getting every section worked over, purchase by ONEX, biggest aviation downturn, now merging seniority’s. The PTA could end up being a PITA for the SunWing pilots, but like Rumsfeld said ‘there are the known unknowns, and the unknown unknowns’.
Obviously there are going to be changes...but what and to what extent are completely up in the air.
Re: Onex buying Sunwing ?
It could just as likely be a PITA for the WestJet pilots. It will definitely be one for the Encore and Swoop pilots.CaptainHaddock wrote: ↑Wed Mar 02, 2022 12:10 pm The PTA could end up being a PITA for the SunWing pilots, but like Rumsfeld said ‘there are the known unknowns, and the unknown unknowns’.
My guess is that a fence will go up for 1-2 years while the details get hammered out. After that, the lists will be merged and people will be free to shuffle around. By then everything will be rebranded and repainted. It would mean that a senior Sunwing guy could bid 787 and the Sunwing FO's could just as easily hold a mainline WS captain position. Deployments will likely be a thing of the past as this is too far outside of the normal WS business model and they were always based on reciprocity.
What will make this less difficult is that the industry is still expected to grow. If there was shrinkage of tails, everyone would get screwed. That's not likely to happen unless we enter a major post-pandemic recession or economic stagnation.
