Delta, Korean Air Buy 25% of WestJet for $550M

Onex Corp. has sold a 25% stake in WestJet to Delta Air Lines and Korean Air for a combined US$550 million, enabling Onex to recover its full 2019 equity investment while keeping a 75% controlling interest in the airline. Delta acquired 15% for $330 million, and Korean Air obtained 10% for $220 million, with Delta planning to transfer a 2.3% stake to Air France-KLM pending regulatory approval. The transaction was completed at a premium to WestJet's current net asset value and outperformed Air Canada's share performance since Onex's initial purchase. The deal is expected to deepen strategic partnerships, enhance service, and expand connectivity across North America, Europe, and Asia. This move reflects ongoing global airline consolidation, and Onex has indicated a possible future return of WestJet to public markets. The sale does not involve a management takeover or merger, with Onex maintaining control.