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Delta Air Lines and Korean Air have announced plans to enhance their partnerships with WestJet by acquiring minority equity stakes in the Canadian airline. These investments will be made through purchases from Onex Partners, a private equity platform of the Canadian investor Onex. The Onex Group, along with affiliated funds and co-investors, will participate in this sale.
The agreements specify that Delta and Korean Air will acquire independent equity stakes totaling 25% in WestJet. Delta plans to invest $330 million for a 15% stake, while Korean Air will contribute $220 million for a 10% stake. Following the transaction's closure, Delta intends to sell a 2.3% stake to its Joint Venture partner Air France-KLM for $50 million, subject to certain approvals.
These strategic moves aim to strengthen existing relationships between the airlines and WestJet, promising improved benefits for customers across North America, Europe, Asia, and other regions. The broader partnerships are expected to enhance travel experiences worldwide.
