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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amazon.com Inc | NASDAQ:AMZN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 179.00 | 179.44 | 179.50 | 0 | 01:00:00 |
By Allison Prang
Cargojet Inc. (CJT.T) on Friday said it will issue warrants to buy nearly 15% of the air-cargo company to Amazon.com Inc. (AMZN) as part of an agreement aimed at expanding its business with the e-commerce giant.
Ontario-based Cargojet will issue the warrants to purchase viable voting shares to an affiliate of Amazon.com.ca Inc. in two different tranches. One of those tranches' vesting is related to the delivery of as much as 400 million Canadian dollars ($300.4 million) in businesses volumes over a six and a half year time span. With those warrants, Amazon is allowed to buy as much as 9.9% of the variable voting shares of Cargojet for $91.78 a share, the air cargo company said.
The other tranche is related to the delivery of C$200 million more in business volumes after that first tranche vests, Cargojet said. With this second tranche of warrants, Amazon can buy as much as 5% more of the company's variable voting shares, Cargojet said. The price of those shares will be determined two years following the agreement.
The new agreement is in conjunction with an existing commercial agreement between Amazon and Cargojet, the airline said.
Cargojet said it thinks this new agreement will bring in more revenue and be earnings and cash flow accretive.
Amazon has similar agreements to purchase warrants with Atlas Air Worldwide Holdings Inc. and Air Transport Services Group.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
August 23, 2019 08:30 ET (12:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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