Air Canada has had its offer accepted by the Transat Group board and it’s been sold for $520 million.
The brand will be merged into Air Canada and cease to trade separately.
The deal has legal process to complete and there are withdrawal penalties if either side changes their mind.
In effect however it’s the end of AirTransat.
This will also come as a blow to Thomas Cook Group who have a seasonal aircraft swap deal with Air Transat, that keep under utilised aircraft operating for each other’s airlines at different times of the year. Without that Thomas Cooks fleet looks even more vulnerable and the pressure to get a sale with Lufthansa ramps up further.