MONTREAL — Transat has acquired the remaining minority interest in inbound tour operator TraficTours Canada Inc.
Transat was already a 70% shareholder in the company. It has now purchased the company outright, acquiring the remaining 30%.
Transat says the purchase price is for an amount lower than the amount booked in Transat’s financial statements on account of the option to purchase such minority interest.
The minority shareholder had the option to require Transat to purchase the minority interest since 2019. The manager of TraficTours and its subsidiaries remains in place to ensure the operations run regularly.
TraficTours offers excursions and other services to vacationers in Mexico, the D.R. and Jamaica.
“By becoming sole shareholder, Transat is strengthening its inbound services in three of these key markets,” says Transat.
On April 29, 2021 Transat announced its financial assistance package from the federal government, allowing Transat to borrow up to $700 million in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF).