Air Canada finalizes $800 million share buyback terms

Air Canada has finalized the terms of a substantial issuer bid to repurchase and cancel up to $800 million worth of its Class A variable voting shares and Class B voting shares. The buyback, which represents approximately 8.7% to 9.8% of the company’s total issued and outstanding shares, will be conducted via a “modified Dutch auction.”

Under this process, shareholders can tender all or part of their shares at prices ranging from $29.00 to $33.00 per share. The offer is scheduled to commence on August 20, 2026, and is expected to expire on September 24, 2026, unless extended or withdrawn.

Air Canada intends to fund the share purchases using proceeds from a recent minority equity investment in Aeroplan. This investment was completed by funds managed by Blackstone, Caisse, and other leading Canadian institutions.