Air Canada has taken up and paid for 27,586,206 of its Class A variable voting shares and Class B voting shares at a price of $29.00 per share under its $800 million substantial issuer bid. The shares bought represent about 9.8% of Air Canada's total outstanding shares as of September 24, 2026, before giving effect to the offer, leaving about 252.7 million shares outstanding and returning the carrier's share count to below pre-pandemic levels. About 66.8 million shares were validly deposited and not withdrawn, and because the offer was oversubscribed, roughly 41% of the successfully tendered shares were purchased, excluding odd lot tenders not subject to proration. Air Canada paid TSX Trust Company, the depositary, about $800 million for the purchased shares, with settlement to be made on or before October 2, 2026, funded with part of the proceeds from the minority equity investment in Aeroplan by funds managed by Blackstone and La Caisse. The airline estimates the paid-up capital per share at about $10.60, meaning selling shareholders will be deemed to have received a dividend of $18.40 per share, designated an eligible dividend for Canadian tax purposes.
Air CanadaAir Canada completed an $800M substantial issuer bid, buying back 27.6M shares (~9.8% of shares) and returning share count below pre-pandemic levels.
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