Air Canada announced on Thursday that it plans to buy rival airline Air Transat for $520 million.

Air Canada stated in a press release that it will buy any and all issued and outstanding shares of Air Transat’s parent company, Transat AT, for $13 per share.

While the deal still requires the go-ahead of Transat AT shareholders, the two companies have already spoken publicly and favorably about the deal. The two companies released a joint statement saying that the deal would create a “Montreal-based global leader in leisure, tourism and travel distribution, offering Canadians choices to more destinations and promoting two-way tourism.”

Air Canada is already one of the world’s largest airlines, and buying Transat AT would bring it another 5,000 employees. Air Transat also operates as a travel agency, offering hotel stays and travel packages in addition to its airline. The CEO of Transat has also released a statement saying that the company is “pleased” to join forces with Air Canada, and that the move was the best option for “employees, suppliers, partners and shareholders.”

Air Canada has stated that it will keep the Transat and Air Transit brands. Passengers will be able to book flights with Air Transat, and all current bookings will be honored. News of the purchase comes following 30 days of negotiations. If shareholders don’t object and regulations don’t block it, the deal will be completed in 2020, according to the two companies.