Onex Closes Sale of 25% WestJet Stake to Delta, Korean Air, Air France-KLM

WestJet has completed the sale of a 25% minority equity stake to foreign airlines Delta Air Lines, Korean Air, and Air France-KLM, with Onex Partners retaining a controlling 75% stake. Delta acquired a 15% stake initially but sold 2.3% to its joint venture partner Air France-KLM, resulting in final ownership stakes of 12.7% for Delta, 10% for Korean Air, and 2.3% for Air France-KLM. This strategic partnership is seen as a strong vote of confidence in WestJet's strategy and is expected to enhance connectivity and customer benefits by expanding codeshare agreements and offering more seamless travel across North America, Asia, and Europe. WestJet's CEO highlighted that the deal strengthens long-term value for guests and builds on existing relationships with these world-class airlines. The transaction, valued at US$550 million, also marks a significant milestone for WestJet, which has grown from a small airline to one with 200 aircraft serving 100 cities and has a substantial order of 123 new planes through 2034. These partnerships are expected to benefit Canadian travelers with improved access to global networks, particularly through the SkyTeam Alliance, of which the new partners are members.