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4mo ago

Onex Sells 25% Stake in WestJet to Delta and Korean Air for $550M

The deal strengthens WestJet's global alliances and positions the airline for transatlantic and transpacific growth while retaining Onex's majority control.

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 will acquire a 15% stake in WestJet for $330 million, while Korean Air will take a 10% stake for $220 million.
  • Delta plans to sell a 2.3% stake in WestJet to Air France–KLM for $50 million, reinforcing ties within the SkyTeam alliance.
  • Onex Corp will retain a 75% ownership stake and governance control of WestJet following the transaction.
  • The agreement deepens WestJet's international partnerships and supports its strategy to expand in transatlantic and transpacific markets.
  • Regulatory approval is required for the deal, which reflects a shift in focus from U.S. routes to overseas growth due to changing travel demand.