Hi there,
I don't think so - while the company is getting AT on the cheap, the same headwinds that faced AC also face Air Transat. Remember, right now all of AT's sun destination flights are grounded. Likewise, there are certain conditions that the company must adhere to which may impact some of the synergies it was perhaps looking for. Overall, the headwinds facing AC remain the same.
This is still a company that will exit the pandemic with a high debt load and a slow return to normal. Can it do well? For sure, but it is a higher risk play and since the fundamentals don't look great, it is not one we'd be looking to take a position in.
Mat