Why the Air Transat takeover is important for the airline industry and Canadian travelers

The Canadian aerospace industry contributes over $20 billion to the country’s GDP and generates about 160,000 jobs which in turn adds to Canada’s economic standing through spending. Airline businesses, however, have been facing major restructuring. Westjet was acquired by Onex and Air Transat was bought out by Air Canada. Airlines have faced increasingly tougher competition in the industry.