Shareholders of Canadian WestJet have voted in favour of a deal to be acquired by billionaire Gerry Schwartz’s private equity firm Onex for C$3.5 billion.

More than 92.5% of the votes cast at a special meeting yesterday (Tuesday) backed the proposed deal.

The C$31 per share takeover, announced in May, received a green light from Canada’s transport minister last month.

The transaction is expected to be completed later this year or early in 2020 if it receives remaining regulatory approvals.

WestJet has reported a decline in net profit for each of the last three years, hit by rising fuel costs alongside pressure on ticket prices.

WestJet president and CEO Ed Sims said: “We are very pleased to obtain overwhelming support from our securityholders at today’s special meeting.

“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.”

MoreWestJet takeover clears first hurdle

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