(Reuters) – Canada’s second-biggest carrier WestJet Airlines Ltd on Monday accepted a C$3.53 billion ($2.63 billion) cash buyout offer from private equity fund Onex Corp, ending a two-month long strategic review.

A WestJet Boeing 737-700 airplane is pictured at Vancouver’s international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms

WestJet shares, which have lagged those of bigger rival Air Canada, soared 62 percent to trade slightly below the $31-per-share offer price. Onex shares inched lower on the Toronto Stock Exchange.

Onex first approached WestJet’s board in March. The private equity firm is not new to investing in the aerospace industry – it bought Spirit Aerosystems from Boeing Co in 2005 and exited its investment in 2014, having made $3.2 billion.

Onex tried to