ACE Aviation said on Wednesday it would sell 13 million units of its Jazz Air Income Fund to two fund companies, more than halving its current stake.

The airline holding company will sell the units of the regional airline at CAD$7.45 apiece, for total proceeds of about CAD$96.9 million (USD$94.7 million).

After the sale, ACE will hold about 9.5 percent of the outstanding units of Jazz, down from 20.1 percent now.

The sale to West Face Capital and Sunrise Partners is expected close by January 24.

Last week, ACE bought back about half its stock for CAD$30 a share, advancing the windup of Air Canada's parent company.