CALGARY — A commanding majority of WestJet’s shareholders and optionholders have voted to approve the airline’s acquisition by Onex.

An overwhelming 92.5% of shareholders and optionholders at the July 23 meeting voted in favour of the proposed transaction.

WestJet and Onex announced their proposed deal on May 12, one that would see Onex acquire WestJet for $31 per share, in a transaction valued at some $5 billion including debt.

Assuming the deal goes through, WestJet will operate as a privately-held company from late 2019 or early 2020 onwards.

“We are very pleased to obtain overwhelming support from our securityholders at today’s special meeting,” said WestJet’s President and CEO, Ed Sims. “Receiving this support is an important step on our path to closing the transaction, and we continue to engage with the necessary authorities on the remaining approvals.”

The total number of shares represented by shareholders present in person and by proxy at the meeting was 69.2 million, representing approximately 60% of WestJet’s issued and outstanding common voting shares and variable voting shares.

The total number of stock options represented by optionholders present in person and by proxy at the meeting was 3.3 million, representing approximately 54% of WestJet’s issued and outstanding stock options.

Onex’s acquisition of WestJet is still subject to regulatory approval.