Air Canada agreed to terminate the $144m acquisition of Transat AT and combine it with Air Canada. The proposed transaction would have created a Montreal-based global travel services company in leisure, tourism, and travel distribution operating across Canada and internationally. "This transaction, first contemplated more than two years ago, was complicated by the pandemic, and, ultimately, Air Canada reached its limit in terms of concessions it was willing to provide the European Commission to satisfy their competition law concerns. Transat and Air Canada therefore mutually agreed that terminating the Arrangement Agreement was in our respective best interests," Jean-Marc Eustache, Transat President and CEO. Groupe Mach, a Canadian real estate developer, dropped its C$528m ($405m) takeover proposal for Transat AT after the Canadian tour operator accepted a lower offer from Air Canada last week. On October 10, 2020, Air Canada slashes Transat buyout price by nearly 75% to $144m. On December 15, 2020, Transat's shareholders approved the discounted buyout offer from Air Canada. On April 2, 2021, Air Canada terminates the $144m acquisition of Transat AT.