WestJet, one of Canada's only airlines, is set to become a private company in a new deal valued at $5 billion. 

Onex Corporation, one of Canada's most prominent private equity companies, will acquire the airline at $31 per share. The vote by shareholders is set for July of this year. 

Westjet agrees to be purchased by private equity manager Onex Corporation for $5B Cdn. Onex and founder Gerry Schwartz best known for failed 1999 attempt to buy and merge Air Canada, Canadian Airlines.

— CBC News Alerts (@CBCAlerts) May 13, 2019

Onex is headed up by Gerry Schwartz, husband of Indigo owner Heather Reisman, of "Heather's picks" fame. The company also once owned entertainment company Cineplex.

Now we can expect the same level of customer service offered at Indigo and Cineplex.

— Michael Elliott (@Squidman67) May 13, 2019

The company will remain based out of Calgary, if the deal goes through. The board of directors has recommended that shareholders vote in favour. 

Cross-check and prepare for money! Most WestJet employees to reap windfall from $5 bln Onex acquisition. More than 80% own WJA, about 19% of the stock. Today's gain of ~$11 averages out to >$21,000 per shareholding employee. pic.twitter.com/BzCItuwJnf

— Richard Dettman (@rwdettman) May 13, 2019

The acquisition further shakes up Canada's airline industry, which has been gripped with the impending sale of Air Transat.

The Montreal-based airlines has been for sale for a little while, with many throwing their hats into the ring as potential bidders.