Onex and WestJet close sale of minority equity stakes to Delta, Korean Air and Air France-KLM
Onex Partners and WestJet closed (22-Oct-2025) the sale of minority equity stakes in WestJet to Delta Air Lines, Korean Air and Air France-KLM. Delta Air Lines has acquired a 15% minority equity stake in WestJet from the Onex Group, with Korean Air acquiring a further 10%. Upon closing, Delta Air Lines sold and transferred a 2.3% stake in WestJet to its JV partner Air France-KLM. As a result, the respective stakes of the partners stand as follows:
- Delta Air Lines: 12.7%;
- Korean Air: 10%;
- Air France-KLM: 2.3%.
The Onex Group will continue to own and control WestJet, retaining 75% of the group's original investment. [more - original PR]
Background ✨
Delta Air Lines and Korean Air invested USD300 million and USD220 million respectively to acquire a combined 25% equity stake in WestJet from Onex Partners, with Delta transferring 2.3% to Air France-KLM for USD50 million upon closing. Barclays acted as financial advisor, and the transaction was subject to regulatory approvals at the time of announcement1.