On 16 May 2019, Air Canada announced it is in exclusive talks to buy Transat A.T., the parent company that owns Air Transat, for 520 million Canadian dollars. On 27 June 2019, Transat A.T. agreed to be purchased by Air Canada for CA$13 per share. The deal is still subject to shareholder and regulatory approval. On 11 August 2019, Air Canada raised the purchase price of Transat A.T. to CA$18 per share. The overall value of the deal was now 720 million dollars. On 23 August 2019, 95% of Transat A.T. shareholders approved the acquisition by Air Canada on that basis. The plan was "expected to face intense scrutiny from the Competition Bureau and other regulatory authorities, including in Europe", according to CBC News. The agreement was revised downwards in October 2020 to CA$5 per share, reflecting the challenges posed to the airline industry by the COVID-19 pandemic.