Transat did buy back C$125 million in shares, but kept the rest as a contingency fund and to finance its growth plans. It has since bought Thomas Cook Travel in Canada, thus expanding its retail distribution network from a Quebec stronghold into other parts of Canada, especially Ontario. Transat has also added three new European routes with direct flights from Montreal to Madrid, Lisbon and Bordeaux. It also has revealed it is seeking to buy its first hotel chain, but has not yet provided any details. In 2005 Transat carried 2.5 million passengers and had revenues of $1.45 billion. ■ Source: Airline Business