The Canadian Competition Bureau (CCB) has given Onex Corp. the greenlight to proceed with its takeover of WestJet (WS, Calgary) thus moving the transaction closer to finalisation.

In May, the Toronto-based private equity firm proposed acquiring the carrier for CAD31 Canadian dollars (USD23.6) per share or around CAD3.5 billion Canadian dollars (USD2.7 billion) in total. The offer was approved by 92.5% of WestJet shareholders during a special meeting on July 23, 2019.

Earlier this week, the CCB also gave its unconditional approval to the takeover.

"Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction. We continue to engage with the relevant authorities on the remaining approvals," WestJet president and CEO Ed Sims said in a press release.

Those approvals are expected to be secured in time for the deal to close at some point during the final quarter of this year, the airline said.