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Company News

Canada's Group Mach waives financing conditions for Transat deal

June 25 (Reuters) - Real estate developer Group Mach Inc said on Tuesday it has waived its financing conditions relating to its C$527.6 million bid to acquire Canadian tour operator Transat AT Inc.

The developer had previously said the deal is contingent on Quebec providing about C$120 million in acquisition financing.

Earlier this month, Group Mach made a formal proposal for Transat, topping an offer from the country’s largest airline Air Canada.

Montreal-based Transat is locked in an exclusivity period with Air Canada that ends on June 26. (Reporting by Debroop Roy in Bengaluru; Editing by Shinjini Ganguli)

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