Delta and Korean Air to Acquire Stakes in WestJet, Deepening Strategic Partnerships
Delta Air Lines and Korean Air announced their decision to deepen ties with Canadian carrier WestJet by acquiring minority equity stakes totaling 25% in the airline. The shares will be purchased from Onex Partners, the mid-to-large-cap private equity platform of Onex, a Canadian alternative asset manager and investor.
Onex-affiliated funds and co-investors plan to participate in the sale alongside Onex Partners. The transactions build on each airline’s existing partnerships with WestJet, aiming to deliver greater benefits for customers across North America, Europe, Asia, and other global regions.
According to agreements disclosed on May 9, 2025, Delta Air Lines will invest USD 330 million for a 15% stake in WestJet, while Korean Air will invest USD 220 million for a 10% stake.
Following the deal, Delta has the right and intention to transfer a 2.3% stake in WestJet to its joint venture partner Air France-KLM—also an existing WestJet partner—for USD 50 million, subject to certain approvals by Air France-KLM. Onex Group will remain the majority owner and retain control of WestJet, which is headquartered in Calgary, Alberta.
Delta and Korean Air have both maintained codeshare agreements with WestJet for several years. The expansion of these partnerships is expected to offer significant benefits for travelers, including an enhanced and seamless global travel experience.
Ed Bastian, CEO of Delta, stated: “Investing in a world-class partner like WestJet aligns our interests and ensures we stay focused on providing a premier global network and customer experience for travelers in the U.S. and Canada.” He added: “Together, Delta and our partner airlines connect the world and are transforming the future of travel.”
Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, expressed: “We are pleased to invest in WestJet as part of our continued commitment to enhancing transpacific connectivity.” He noted that the strategic partnership will strengthen their global network and create long-term value for customers through improved options and convenience.
From Onex Partners, Co-Head Tawfiq Popatia commented: “Delta, Korean, and Air France-KLM are among the world’s most prominent and best-run airlines. Onex is delighted to welcome them as shareholders in WestJet.”
Alexis von Hoensbroech, CEO of WestJet, said: “These investments—and the enhanced partnerships they bring—are a vote of confidence in our people and WestJet’s standout performance during a remarkable period for aviation in recent years.”
Delta’s relationship with WestJet dates back to February 2011, and the U.S. carrier has invested in several international partners, including Air France-KLM, LATAM, Aeroméxico, Virgin Atlantic, China Eastern, and Korean Air’s parent company, Hanjin KAL.
Korean Air and WestJet have cooperated since June 2012. Their codeshare agreement provides seamless access for passengers across the Pacific, connecting Seoul Incheon with Vancouver, Toronto, and Calgary, and offering onward connections via WestJet’s domestic network in Canada and the U.S., as well as through Korean Air’s extensive Asian network.
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