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Delta and Korean Air Acquire 25% Stake in WestJet for $550M

Onex retains majority control as the deal strengthens WestJet's global alliances and supports international growth plans.

A WestJet Boeing 787-9 Dreamliner airplane taxis along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS/Carlos Osorio/File photo
Image
A Boeing 787-10 aircraft of Korean Air Lines Co., South Korea's flagship air carrier, bears the airline's new aircraft livery, or the exterior insignia for planes, during a publicity event at its hangar in Seoul in this March 11, 2025, file photo. (Pool photo) (Yonhap)
WestJet Boeing 737 Max aircraft are shown at the airline's facilities in Calgary, Alta., Tuesday, May 7, 2019. WestJet is cancelling flights ahead of a possible strike its mechanics union. THE CANADIAN PRESS/Jeff McIntosh

Overview

  • Delta Air Lines and Korean Air will invest $330 million and $220 million, respectively, for a combined 25% stake in WestJet.
  • Delta plans to transfer a 2.3% stake to Air France–KLM for $50 million after the deal closes, further integrating WestJet into the SkyTeam Alliance.
  • Onex Corp will maintain 75% ownership and control of WestJet, ensuring compliance with Canada's foreign ownership regulations.
  • The transaction aims to enhance WestJet’s international expansion, shifting focus from U.S. routes to trans-Atlantic and trans-Pacific markets.
  • Delta and Korean Air will gain two seats each on WestJet’s 13-member board, reflecting their new equity positions and strategic collaboration.