Canada’s foreign ownership laws remain arcane After Jetlines and Enerjet received the government waiver, Jetlines stated it had received significant undisclosed airline investors.
But in 2017, major ULCC investor Indigo Partners dismissed the changes as unhelpful and is unwilling to enter the Canadian market. Managing Partner Bill Franke stated that Canada’s foreign ownership laws remained arcane.
Overall, it does not appear those changes to foreign ownership levels for ULCCs have resulted in a lot of foreign capital flowing into those companies, which is likely driven in part by no single foreign entity being allowed to hold a 25% voting interest.
https://centreforaviation.com/analysis/reports/canadas-airlines-status-quo-persists-despite-changes-in-arcane-foreign-ownership-levels-420585