A Transat purchase would pretty much be folded into AC Vacations (I would think) and Rouge and the old AT would operationally be combined. Looking forward to how that would work with the pilot and flight attendant unions. Should be plenty of fireworks on that alone.
Assuming this does go through it significantly changes the scope of Air Canada's leisure/low cost business. You would have to think that WestJet would respond with Swoop in some form. Which isn't necessarily good news for the traveler in terms of service if more an more routes get switched over to the low cost side of both airlines.
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