August 29, 2019 / 12:50 PM / 2 months ago

Transat receives final court approval for Air Canada deal

FILE PHOTO: Two Air Canada Boeing 737 MAX 8 aircrafts are seen on the ground as Air Canada Embraer aircraft flies in the background at Toronto Pearson International Airport in Toronto, Ontario, Canada, March 13, 2019. REUTERS/Chris Helgren

(Reuters) - Canadian tour operator Transat A.T. Inc (TRZ.TO) said on Thursday that the Superior Court of Quebec had approved its sale to Air Canada (AC.TO) in a C$720 million ($542.37 million) deal.

The final court approval comes days after the Canadian Transport Minister Marc Garneau said the deal needed additional scrutiny, including its impact on competition, before being approved.

Transat said on Thursday the deal is now expected to close by the second quarter of 2020, provided all the regulatory approvals and conditions are met.

Reporting by Shanti S Nair in Bengaluru; Editing by Anil D'Silva

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