The company used the proceeds to establish its own airline, Air Transat, and to embark into a series of acquisitions in order to solidify its position as an outgoing tour operator in Canada and France, as well as to develop new destination markets.

At its destinations, the company opened offices in Mexico, the Dominican Republic and Florida in order to be able to provide its customers with complementary services.

The deal required approval by two-thirds of shareholders; some major investors, and some financial analysts, stated that the offer is below the true value of the company.

[7][8][9] In late August 2019, 94.77% of shareholders voted in favour of accepting Air Canada's final offer of $18-per-share, a $720 million deal.

The plan was "expected to face intense scrutiny from the Competition Bureau and other regulatory authorities, including in Europe", according to CBC News.

[12][13] This proposed acquisition by Air Canada has been terminated upon mutual agreement on April 2, 2021, after having been advised by the European Commission that it would not approve the transaction.