A strike by faculty at the University of Manitoba has been averted.

An agreement was reached between the faculty and U of M administration just before midnight Monday.

A message posted on the U of M website states a three-year agreement has been reached on all major issues, while the remaining ones will be arbitrated.

Student union president Al Turnbull said students are generally happy with the outcome.

"Interestingly enough there was a cheer and a bit of a mix of disappointment," he said.

"I think there were some students who were banking on this for the wrong reasons, but at the same time I think the overall atmosphere was positive."

Message posted on U of M website

The University of Manitoba and the University of Manitoba Faculty Association (UMFA) reached a settlement for a new collective agreement through mediation late on Monday night.

As a result, classes continue as scheduled. 

"I extend my congratulations to the bargaining teams for all their efforts to reach a negotiated settlement," said David Barnard, President and Vice-Chancellor, University of Manitoba. "Most importantly, I am pleased to be able to inform our students that we will be open and operating with no disruption to their learning." 

The three-year agreement on all major issues will ensure that there will be no work stoppage. The parties have agreed to have the remaining issues arbitrated.