June 27, 2019 / 12:35 PM / 21 days ago

Transat accepts Air Canada's buyout offer

June 27 (Reuters) - Air Canada said on Thursday Transat AT Inc had accepted its all-cash offer of C$520 million ($396 million) for the Canadian tour operator.

Discussions between Canada's largest airline and Transat began in May, with real estate developer Group Mach Inc earlier this month offering C$14 per share, topping Air Canada's bid by C$1 per share.

Air Canada and Transat were locked in an exclusivity period that ended on Wednesday.

$1 = 1.3127 Canadian dollars Reporting by Debroop Roy in Bengaluru; Editing by Anil D'Silva

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