Onex Corp. has signed a friendly deal to buy WestJet Airlines Ltd. in a transaction it valued at $5 billion, including assumed debt. Under the agreement, Onex will pay $31 per share for WestJet, which will continue to operate as a privately held company. Shares in the airline closed at $18.52 on Friday. WestJet founder and chairman Clive Beddoe said Onex is an ideal partner for the airline. The deal comes after Onex approached the airline in March Completion of the transaction is subject to a number of conditions, including court, regulatory and shareholder approvals. WestJet's board of directors has unanimously recommended shareholders vote in favour of the deal at meeting expected to be held in July. The deal is expected to close in the latter part of 2019 or early 2020.