Air Canada says it has entered into an exclusive agreement with Transat to buy the Quebec-based airline.
The proposed transaction, which was announced Thursday, is valued at about $520 million.
In a statement, the president of Air Canada says it represents a great opportunity for those involved with both companies.
The transaction still needs to be finalized.
Transat is a leisure airline based in Montreal operating scheduled and charter flights, serving 60 destintions in 25 countries.
Air Canada enters into Exclusive Agreement with Transat A.T. Inc. to pursue a Combination of the two Companies: https://t.co/Zc2EnRbldp
— Air Canada (@AirCanada) May 16, 2019
