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Air Canada completes $800M share buyback, retires nearly 10% of shares
Air Canada has completed its $800 million substantial issuer bid, repurchasing about 27.6 million shares at $29.00 each — roughly 9.8% of outstanding shares — bringing the share count below pre-pandemic levels.
Why it matters
Air Canada announced on September 28 that it has completed its $800 million substantial issuer bid, taking up and paying for 27,586,206 of its Class A variable voting shares and Class B voting shares for cancellation at a price of $29.00 per share — about 9.8% of its total outstanding shares as of September 24, 2026.
With the purchase complete, roughly 252.7 million shares will remain outstanding, bringing the share count back below pre-pandemic levels. The airline called the offer an important milestone in the disciplined execution of its capital allocation framework, saying it returns value to shareholders while it continues to invest in its New Frontiers strategy and maintain one of the strongest balance sheets among its North American peers.
Full report
The purchase was funded with part of the proceeds from the minority equity investment in Aeroplan by funds managed by Blackstone and La Caisse, together with other leading Canadian institutions. A total of about 66.8 million shares were validly deposited under the offer, so it was oversubscribed; aside from odd-lot tenders not subject to proration, about 41% of successfully tendered shares were purchased.
Air Canada has paid TSX Trust Company (Canada), the depositary under the offer, about $800 million for the purchased shares, with settlement to be made on or before October 2, 2026. Shares not purchased, including through proration or auction tenders above $29.00, will be returned to shareholders as soon as practicable.
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