WestJet (WS, Calgary) shareholders overwhelmingly approved the takeover of the Canadian carrier by investment firm Onex, valuating the airline at CAD3.5 billion Canadian dollars (USD2.7 billion).

The airline said in a stock market filing that 92.5% of shareholders present at a special meeting on July 23, 2019, voted in favour of the acquisition. Onex will pay CAD31 Canadian dollars (USD23.6) for each outstanding share in WestJet.

"Receiving this support is an important step on our path to closing the transaction, and we continue to engage with the necessary authorities on the remaining approvals," CEO Ed Sims said.

The transaction concluded in May 2019 is still subject to other conditions to closing, including remaining regulatory approvals, and final approval by the Court of Queen's Bench of Alberta.

Following the completion of the takeover, WestJet will be delisted from the Toronto Stock Exchange and will continue to operate as a privately-held company.