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Delta Air Lines and Korean Air announced on May 9, 2025, that they will acquire a combined 25 percent minority stake in Calgary-based WestJet from Onex Partners, part of Canadian investment firm Onex Corporation. The transaction will see Delta invest US$330 million for a 15 percent stake and Korean Air invest US$220 million for 10 percent, totaling US$550 million (approximately C$749 million at the time of announcement). The Onex Group, including affiliated funds and co-investors, will continue to retain control of WestJet following the transaction.
As part of the deal, Delta intends to sell 2.3 percent of its WestJet stake to joint venture partner Air France-KLM for US$50 million (approx. C$68 million), subject to regulatory and internal approvals. These strategic investments are designed to deepen the carriers’ existing partnerships with WestJet, enhancing connectivity and customer service across North America, Europe, and Asia.
Delta and WestJet have collaborated since 2011, while Korean Air has maintained a codeshare partnership with WestJet since 2012. The broader alliance will deliver an improved and seamless global travel experience for passengers.
Barclays is acting as financial advisor to WestJet and Onex on the transaction. The equity investments remain subject to regulatory approvals. This move underscores WestJet’s strategic value and the confidence of global airline leaders in the Canadian market.
Parties
Company
Delta Air Lines
Company
Korean Air
Company
WestJet Airlines Ltd.
Company
Onex Partners
Deal Type
Merger & AcquisitionIndustry
TransportationTransaction
$ 749,000,000Deal Status
ClosedClosing Date
22 October 2025