Delta, Korean Air, and Air France-KLM Complete WestJet Stake Acquisition

WestJet has solidified a significant partnership by finalizing a minority stake acquisition involving Delta Air Lines, Korean Air, and Air France-KLM. Together, they have divided 25% of the Canadian airline.

On October 22, 2025, Onex Partners, WestJet’s majority shareholder, announced the completion of this deal, which was initially revealed in May 2025.

Tawfiq Popatia, Head of Onex Partners and Board Director at WestJet, expressed enthusiasm about the new alliances. He stated, “Our new partners are widely regarded as among the best-performing and most innovative airlines in the world. This investment has created a terrific amount of value for Onex Partners and its investors to date, especially amid the unprecedented challenges posed by the pandemic.”

Investment Breakdown

Per the agreement, Delta Air Lines secured a 15% equity stake but later transferred a 2.3% stake to Air France-KLM. Meanwhile, Korean Air acquired a 10% interest in WestJet.

In May 2025, Delta’s investment was reported to be approximately $330 million for its share, while Korean Air’s was around $220 million.

Delta’s Broader Strategy

Delta has a history of forging equity partnerships with several global airlines, including Air France-KLM, LATAM, Aeromexico, Virgin Atlantic, China Eastern, and Korean Air’s parent company, Hanjin KAL.

Control Retained by Onex Group

The Onex Group, which features Onex Partners, retains a majority stake in WestJet, holding 75% of the airline’s shares.

“We are excited to welcome our new airline shareholders and eagerly anticipate strengthening our collaborations with their airlines to create long-term value for our guests,” stated Alexis von Hoensbroech, CEO of WestJet. He also highlighted that this partnership signifies a pivotal moment in their airline relationships.

What are your thoughts on this new airline collaboration?