Air Canada, Transat call off merger deal

4 April, 2021 12:00 AM printer

TORONTO: Air Canada has called off its planned takeover of tour operator Transat over EU regulatory hurdles, they announced Friday—scuppering a deal that would have created a domestic giant with a 60 percent share of the Canadian travel market.

The deal was concluded in June 2019 and approved by Transat shareholders in December 2020, as the tour operator found itself in dire financial straits due to the precipitous drop in air travel during the coronavirus pandemic, reports AFP.