WestJet Airlines is being sold for $5 billion.
The Canadian airline has entered into a definitive agreement with Onex Corporation.
It comes after Onex approached WestJet back in March.
Under the terms of the agreement, Onex will pay $31 per share for WestJet, after which the airline will operate as a privately-held company.
The deal is expected to close later this year or early next year.
