Delta and Korean to take minority stakes in WestJet
May 9, 2025
Delta Air Lines and Korean Air have announced plans to acquire minority equity stakes in Canadian carrier WestJet.
The move will see the two international carriers collectively invest $550 million in WestJet, with Delta taking a 15% share and Korean Air acquiring 10%. The stakes are being purchased from Onex Partners, part of Canadian investment firm Onex.
The deal, which also includes participation from affiliated funds and co-investors in the Onex Group, which will retain ownership and control of WestJet.
Delta’s investment of $330 million will be followed by a planned divestiture of a 2.3% share to Air France-KLM, its transatlantic joint venture partner and an existing collaborator with WestJet. That sale, valued at $50 million, is subject to approval from Air France-KLM. Korean will invest $220m for its stake in the company.
“Investing in a world-class partner like WestJet aligns our interests and ensures that we remain focused on providing a world-class global network and customer experience for travelers in the United States and Canada,” said Delta CEO Ed Bastian. “Together, Delta and our airline partners are connecting the world and transforming the future of travel.”
“We are pleased to invest in WestJet as part of our continued commitment to enhancing transpacific connectivity,” said Walter Cho, Chairman and CEO of Korean Air and Hanjin Group. “This strategic partnership will enhance our global network and create long-term value for customers through greater choice and convenience.”
WestJet has maintained longstanding codeshare relationships with both Delta and Korean Air. Delta’s alliance with the Canadian carrier began in 2011. Korean Air’s partnership with WestJet began in 2012 and includes codeshare access to major Canadian gateways and onward connections across North America and Asia.
“Delta, Korean and Air France-KLM are among the world’s most prominent and best-managed airlines. Onex is delighted to welcome them as shareholders in WestJet,” said Tawfiq Popatia, Co-Head of Onex Partners.
“These investments, and the enhanced partnerships they bring, are an endorsement of our people and WestJet’s differentiated performance through an extraordinary period for aviation in recent years,” said WestJet CEO Alexis von Hoensbroech.
