Onex Corp. is selling minority stakes in Calgary-based WestJet to Delta Air Lines and Korean Air for a total of $550 million U.S.
Under the deals announced Friday, Delta will acquire a 15 per cent stake in the Calgary-based airline for US$330 million, while Korean Air will buy a 10 per cent stake for $220 million U.S.After the deal closes, Delta plans to sell a 2.3 per cent stake in WestJet to its joint venture partner Air France-KLM for $50 million U.S.Onex acquired WestJet in 2019.“Delta, Korean and Air France-KLM are among the world’s most prominent and best-managed airlines,” Tawfiq Popatia, co-head of Onex Partners, said in a statement.
Get breaking National news
For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
Sign up for breaking National newsletter
Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
“Onex is delighted to welcome them as shareholders in WestJet.” Story continues below advertisement
if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) {
// Ads script has been loaded, create the ad.
gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} );
} else {
// if Ads script not yet loaded, queue up ad data for initialization.
var gnAdSettings = gnAdSettings || {};
gnAdSettings.ads = gnAdSettings.ads || [];
gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} );
}
WestJet and Delta have been partners since February 2011, and Korean Air and WestJet have partnered since June 2012.“Investing in a world-class partner like WestJet aligns our interests and ensures that we remain focused on providing a world-class global network and customer experience for travellers in the United States and Canada,” Delta CEO Ed Bastian said.Delta, Korean Air, KLM and Air France are members of the SkyTeam Airline Alliance. Air Canada is a member of the rival Star Alliance network.
Trending Now
Junior hockey player’s sex assault sentence a ‘wake up call’ to young men, advocate says
Canada’s housing market is ‘cracking’ under Trump’s trade war: report
“This strategic partnership will enhance our global network and create long-term value for customers through greater choice and convenience,” said Walter Cho, chairman and CEO of Korean Air and Hanjin Group.
2:10
Canadians cancelling U.S. trips amid Donald Trump’s tariff threats
Carney’s cabinet to be sworn in on Tuesday in Rideau Hall ceremony do sex
Liberals putting out ‘feelers’ for NDP MPs to cross floor: Davies do sex
Nylander shining for Leafs: ‘Nothing gets to him’ do sex
World leaders congratulate Pope Leo XIV on his designation do sex
